At the 2025 Colombia Gold Summit, Finance Colombia Executive Editor Loren Moss spoke with Daniel Giraldo, a Managing Director at FTI Consulting (NYSE: FCN), a global business advisory firm specializing in cross-border investment and corporate finance. Giraldo offered his perspective on the geopolitical chessboard, examining what Colombia’s recent decision to join the Belt and Road Initiative means for its future relationship with its largest long-standing ally, the United States.

Finance Colombia: I’m here with Daniel Giraldo of FTI Consulting. So we’re here at the 2025 CGS, Colombia Gold Summit, where we also talk about other precious metals, we talk about silver, we also talk about metals like copper, molybdenum, things like that. You gave an interesting talk yesterday, I don’t want to steal your thunder. Why don’t you summarize your discussion?

Daniel Giraldo: Well, if I could summarize my lecture yesterday, I think there’s a chessboard, a giant global chessboard right now. And there are two main players: US and China. And Colombia is one key figure, a key part of this chessboard. Right now, Colombia is in a key position with lots of opportunities between Chinese investment and the US investment. However, which decisions Colombia takes right now will shift the entire game for the coming years.

Finance Colombia: So we are in the last few months of a government that has been relatively friendly or biased towards China. And hostile might be too strong of a word, but relatively cold towards the United States, talking about the Petro government. Colombia, under Petro, just signed up for the Belt and Road Initiative. What is the significance of that for Colombia, not just in its relationship with the United States, but what does that do or change for Colombia?

Daniel Giraldo: Well, what we are seeing right now is that Colombia signed formally the Belt and Road Initiative earlier this year. And there’s been a lot of tensions with the Trump government. At the same time, the US is the main investor in Colombia. And what we’re seeing is how China, through different initiatives, wants to have a bigger long-term influence in the region. And Colombia is, in a soft way, saying, “We want that for us.” However, that’s not a shift that can be made automatically. That’s not made in a single signature by one president. It takes years and years to forge a relationship. And although the government of Petro, President Petro is showing how they’re very interested in the Chinese investment, and to have a strong relationship with the Chinese government, it’s not the way, to just step out of their major alliances throughout years with the US

Finance Colombia: The way that investment is done in China is fundamentally different than the way investment is done from places like the US or Canada or many European countries. In the US, if you’re going to attract investment in Colombia, it’s going to be with some company. And that company is going to do what it wants to do within the law but not really giving a damn about what Washington says or what Washington wants or what Ottawa says or wants. Whereas in China, it’s very much a government-to-government thing. You have state-owned enterprises, and Xi Jinping or the Communist Party says, “we’re going to invest in this,” whether it’s profitable or not, for whatever kind of geopolitical reasons that they want to do things. So it’s a fundamentally different thing.

If you do a deal with a company in the US, you’re doing a deal with that company. Now, yes, you have to make sure that regulatory things go through. Trump is a little bit more of a patronage type of president where he wants to get involved with things so he can find benefit for himself or his administration. But generally speaking, even still, if we look at investors, if you’re going to bring in someone to invest in one of these mining companies here or exploration, it’s a company. In China, it’s going to be a state-backed company. Now, what does that imply, then, for the way business would be done going forward, number one? And number two, Petro’s on his way out, and maybe there will be another left-wing government to continue his project, it doesn’t look like it at this point. But do you see continuity in that affinity or that participation in the Belt and Road Initiative? Like you mentioned, it’s not a treaty, it’s more of like a memorandum of understanding, like the diplomats like to call it. But what do you foresee over the next two or three years?

Daniel Giraldo: Yeah, I believe every tactic has been launched in a very moderate way somehow. So, of course, Belt and Road is just a framework, and every project that could be contemplated by Chinese government, depending on the feasibility of each one of these projects. So they’re not basically getting married yet, they’re just dating.

They’re just on their first dates. However, we’re married to the US We’ve had a long-standing marriage, and what we are seeing right now is that how investment works for both countries is different. However, for both countries, there are more and more, basically, things they require to be approved.

So in order to achieve this, the US is not being indirect about it. They require trusted partners. They require trusted allies, which get what’s at stake right now. So, Petro’s government has one year left. We are expecting a shift. However, even if Colombia gets a left-wing government or a right-wing government, it doesn’t change the fact that investment in the latest years has been in a rough place.

So Colombia requires this investment, and the country requires a very stable policy framework, regulatory framework, legal framework, in order to get investors feeling safer, with more appeal. And, yes, of course, it’s not the same as an SOE (State Owned Enterprise) Chinese company that wants to invest, that needs the approval of Beijing and all this. In contrast, we have the US. Of course, Washington can say whatever they want. They can say Petro is now on the Clinton list, and they can sanction him personally. But a company, a US company, can still invest here; it changes how they see Colombia in the long run.

Finance Colombia: I think one of the things that is very notable is that the Trump government sanctioned Petro, his son, his wife, and his interior minister personally, rather than imposing sanctions on the country or doing, like, I don’t know, tariff things. Actually, by the time we publish the video, we might know what happens, but right before the Supreme Court right now, actually as we speak, there is a challenge to Trump’s ability to circumvent congressional law. And so if we have a trade pact, like free trade agreement or something like that, a lot of businesses in the US have challenged Trump’s ability to just… you can’t just cancel a law. Congress passed a law, and it’s in effect, and you can’t just cancel it. Well, that’s what they’re arguing. And all of these kind of unilateral, discretionary tariff moves that affect entire economies and entire industries, there’s some uncertainty that is going to be settled there.

“However, we’re married to the US We’ve had a long-standing marriage, and what we are seeing right now is that how investment works for both countries is different.” – Daniel Giraldo

But it’s interesting because it seems that with them sanctioning Petro and Benedetti directly as individuals, they’re saying that they want to maintain some predictability and constancy in the bilateral economic relationship with Colombia. And I think that there have been a lot of missions. Fico, the mayor here in Medellin, some of the other mayors and Colombian congressional people have visited Washington and met with senators and met with people in the State Department and said, “Look, you know, we disagree with what the president’s doing. Wait a few months.” And it seems like Washington has heard that and is not acting too rashly towards Colombia as a country but rather decided to take their ire out directly on the president and his consigliere Armando Benedetti.

Daniel Giraldo: What I believe of this is that Trump’s government can say like, “We’re not afraid. We are not afraid of imposing sanctions. We’re not afraid of not conducting business in the way we used to do it anymore.” And it’s been shown, for example, in the relationship with China, for example, with the Chinese government, with Xi Jinping. And there’s been like an escalation of tariffs, for example, I think up to 130%. I can’t remember the exact number. And then last week they say, “let’s stop this. Let’s trade the sequels.” And it’s also their way of showing the carrot and then showing the mace or bat, this metaphor.

Finance Colombia: Yeah, the stick.

Daniel Giraldo: And with Colombia, I believe it is the same. It’s like we could, if we wanted, to give some sanctions and they will have great consequences in terms of our bilateral trade. However, they’re aware of their position. They’re our main investor. We have a very good relationship in bilateral trade. There’s been years and there’s been decades of both countries benefiting from each other. We have a great position in one of the closest countries to enter South America. And they know this government is just ending. So why would they give us, like give the left-wing parties an opportunity to just bash them and say, “Oh, Trump’s government can’t be trusted.” Whereas if you take another position and say, “Look, this is personal, this is just these individuals, not the whole country.” You still have ground to negotiate, to renegotiate, to benefit. So I believe it is quite tactical.

Finance Colombia: Another thing that you mentioned is the difference on the ground. When you look at, for example, if we talk about the mining sector, not just on the ground, but literally in the ground, the US right now, the Trump administration, and really just the US more broadly, is very concerned about rare earths. And Colombia, even though there’s not yet a lot of mining activity, Colombia does have rare earth potential. There’s already been illegal coltan, cobalt ore mining taking place down in the Amazon, things like that. But it would seem that further damaging relationships with Colombia right now would contravene the political strategy in the US to strengthen its rare earth mineral supply chain.

Daniel Giraldo: Yes, it is completely true. The US has shown how important it is for them to be less dependent on the supply chains of the Chinese government, specifically in terms of their rare earths and critical minerals refining processes. So the US has been in recent weeks signing lots of memorandums of understanding and bilateral agreements with Australia, with Japan, with Malaysia, with Thailand. And they already have very good deals with Argentina, with the Mineral Security Partnership, for example, Mexico, Peru, Argentina. And the Dominican Republic. And Colombia could be in the radar as well. And what Colombia requires to be here and to benefit with the US as well is just to be patient, to get the best and the highest standards of ESG, and to reassure the different governments that it is safe to trade minerals with Colombia. That if they purchase Colombian minerals, they explore the region and they trade with us, they will find quality, they will find high standards of minerals, without assuming lots of risks that these markets don’t want to assess anymore.

Finance Colombia: So longer term, looking out three to five years, are you optimistic or pessimistic about the bilateral relationship between the US and Colombia?

Daniel Giraldo: I feel optimistic, not only because it’s the most comfortable answer, but I do feel optimistic because I believe there is a lot of potential. And right now, the sector is not in its best place. But I believe that sometimes you just have to grit your teeth, take the punch, and then stand up again and do everything that’s in your power to just become better. And Colombia has a history of learning, and the sector will learn as well how to be more competent, how to attract investors, and how to get to the highest standard and quality of their bilateral trade with different countries.

Finance Colombia: Great. Well, Daniel Giraldo from FTI Consulting, you guys are one of the leading strategic consulting firms globally, especially when you look at things like cross-border investment. That seems to be your strong suit, even though you guys are a large firm and you guys do a lot of different things. Always great to see your presence here at CGS, at Colombia Gold Summit. And thanks for your insights.

Daniel Giraldo: It’s a pleasure, thanks for having me.

The $130 million USD equity investment includes a previously disclosed secured convertible note issuance of $40 million USD from Hoche Partners Pharma Holding S.A. in mid-October 2024, intended to provide Procaps with liquidity during a period of financial distress. This note has since been converted into ordinary shares. The remaining $90 million USD was raised through a private placement of ordinary shares. The investor group comprises Chemo Project S.A., Becaril S.A., Flying Fish Ventures L.P., Saint Thomas Commercial S.A., Santana S.A., Hoche Partners Pharma Holding S.A., and other undisclosed investors. This collective now holds approximately 90% of Procaps’ shares.

The involvement of Hoche Partners in Procaps’ financial restructuring follows a period of contention between the Chilean-origin investment firm and the company’s previous management. In November 2024, Procaps received notification from Nasdaq regarding the suspension of its stock listing after failing to file its Form 20-F for the fiscal year ending December 31, 2023, with the US Securities and Exchange Commission (SEC).

This situation arose after Hoche Partners Pharma Holding initiated legal action through the US law firm Gibbons P.C. due to identified irregularities in the company’s accounting. Hoche Partners had proposed a change in management to address the delays in financial reporting.

According to a letter submitted to the SEC by Gibbons P.C. on behalf of Hoche Partners in late October, the investment firm had offered a $40 million USD liquidity injection to Procaps on October 20, 2024. The proposal outlined an immediate availability of half the funds, with the remaining half to be raised and invested before the end of the year.

Gibbons P.C. stated that this offer was contingent upon changes in corporate governance and voting rights affecting the majority shareholders while allowing them to participate in capital increases. Another condition involved the majority shareholders reimbursing the company for expenses related to the accounting investigation. However, Procaps’ management reportedly rejected this proposal and presented counteroffers deemed “unacceptable” by Hoche Partners. Consequently, Hoche Partners withdrew its offer on October 28, 2024.

Despite the withdrawal, Hoche Partners now intends to play a significant role in guiding Procaps’ transformation and supporting its long-term strategy. The new shareholder base, which includes investors with experience in the healthcare and pharmaceutical sectors, is expected to actively participate in the company’s turnaround efforts.

Alejandro Weinstein, Chairman of the Board and representative of Hoche Partners, stated, “With this strong and committed investor group that trusts the future of Procaps, the company is now in a position to stabilize, rebuild trust, and create long-term value through operational discipline and a renewed strategic focus.”

Simultaneously, Procaps finalized a comprehensive restructuring of approximately $209 million USD in debt that was previously under forbearance. The agreement with key lenders includes:

• Extension of debt maturities and revised payment schedules to improve near- and mid-term cash flow.
• Reprofiling of financial obligations to align with the company’s operational turnaround timeline.
• Adjustment of financial covenants to better reflect current operations and the strategic plan.
• Preservation of liquid assets to support ongoing operations and strategic initiatives.
• As part of the debt restructuring, certain lenders have agreed to convert a portion of their debt holdings into equity in the company, indicating an alignment of interests with Procaps’ long-term prospects.

Interim Co-Chief Executive Officer Melissa Angelini commented, “This financial reset gives us the breathing room and flexibility to focus on what matters: rebuilding the core of the business and creating sustainable value.”

These financial maneuvers follow a challenging fiscal year 2024 for Procaps. The company’s current focus is on executing a turnaround strategy that includes addressing the findings of a previously disclosed internal investigation related to internal controls, governance, and financial reporting. Procaps is also in the process of finalizing the restatement of prior-period financial statements and intends to release its audited 2023 and 2024 financials as soon as practicable. The delay in filing its Form 20-F was a key factor leading to the Nasdaq delisting notification.

Additional elements of the turnaround strategy include implementing structural cost-efficiency measures, centralizing decision-making, and prioritizing margin expansion through operational discipline and business simplification.

In a significant organizational shift, Procaps has relocated its corporate headquarters to Bogotá, Colombia. This move aims to centralize strategic, financial, and executive decision-making closer to the company’s primary markets. However, the company’s operational footprint in Barranquilla, where manufacturing plants, product development, and other key operational teams are based, will remain unchanged.

The headquarters relocation is part of a broader internal reorganization that involves the centralization of finance, financial planning and analysis (FP&A), compliance, legal, and information technology (IT) functions. The company is also implementing leadership transitions to foster a performance-oriented management culture, enhancing governance structures, and strengthening internal controls, reporting mechanisms, and operating discipline.

To enhance accountability and improve commercial performance, Procaps is reorganizing its operations into five regional clusters: Colombia, Brazil (B2B), United States (B2B), Andinos (comprising Peru, Ecuador, and Bolivia), and CENAM (including Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, and the Dominican Republic).

Furthermore, Procaps is actively pursuing strategic alternatives for non-core assets, with several discussions reportedly in advanced stages. The potential proceeds from these sales are intended for debt reduction and reinvestment in high-margin, strategic assets and operations.

With a restructured capital base and new leadership in place, Procaps states its focus is on restoring profitability through operational efficiency and cost control, reinforcing governance and transparency, delivering on its remediation plan, divesting non-core assets, and investing in innovation and commercial growth, particularly in prescription drugs and expanding its contract development and manufacturing organization (CDMO) global footprint. The company faces the ongoing task of addressing its delayed financial filings to regain compliance with Nasdaq listing requirements.

Greenberg Traurig, LLP advised Procaps as lead transaction and US counsel, Arendt & Medernach S.A. as Luxembourg counsel, and Philippi Prietocarrizosa Ferrero DU & Uria as Colombian and Peruvian counsel. FTI Consulting served as the company’s exclusive financial advisor.

Photo credit: Procaps Group website.

Finance Colombia: So, you gave a really interesting talk today. We’re at the CGS 2024 Colombia Gold Summit, put on every year by Paul Harris and his team. Now, FTI, you guys are known as one of the most important consultants across, I think, the globe, but I know certainly across the Americas. Now, you talked today about the politics of energy transition, and that’s an interesting thing because we go back and forth. There’s like a tug of war between the right and the left everywhere, even down here in Latin America, and specifically in Colombia.

At this mining event, there is a lot of consternation, and I’ve seen the same thing at petroleum events that I’ve attended, and there’s a lot of uncertainty regarding governmental policy and that kind of thing. So, tell me about, when you talk about the politics of energy transition, especially down here in Latin America, what tend to be some of the major obstacles that your corporate clients might come across?

Lucas Marsden: Sure. Well, I mean, it’s a topical time to be talking about this because we’re not just having Colombia Gold Symposium here; we have got COP16 happening in Cali, and we have roadblocks, we’ve had roadblocks across the country from the mining sector, and farmers that are protesting changes that are being made by the government, environmentally related. Some risks exist on all levels, right? From your macro political to your operational. And what I feel like our clients are currently worried about are being able to comply reputationally and legally with all the new encouraging sort of biodiversity carbon targets that are coming out, that are coming out this week, that came out yesterday on biodiversity credits.

How they can do well by that? Because these things can be made into, you know, black and white, simple concepts, but the actual reality of investing in Colombia and investing in a couple of projects in Colombia or biodiversity is incredibly complicated and involves the social element of getting communities inside, it involves local government, anti-bribery and making sure that you’re getting that political stability and getting things to stay.

Finance Colombia: You know, one of the things that you talked about that I think is very important is a lot of companies will do things…I look at heavy manufacturing, for example, and they’ll go, “Look, we’re 100% carbon neutral” or “We’re green,” and they’ll go and do things like purchase carbon credits, which, conceptually, may be a good idea, but there are some dangers there. We find that a lot of those programs are…not only are they not regulated, but not necessarily monitored. So maybe you could touch on that because you gave some interesting case examples of that today.

“So a lot of what we do in FTI is help companies. It’s not just about the investment.” – Lucas Marsden

Lucas Marsden: Yeah, definitely. I mean, first off, just on that point of claims of net zero and nature-positive, which is the kind of biodiversity equivalent, our team in the UK and Europe were advising companies to be very careful about how they’re using these terms, because a general consumer will think, “Oh, net zero, it doesn’t have an impact on the environment.”

No. You know, you’re impacting the environment, but you’re also doing things to benefit it. So, that term “nature-positive”, there have been talks at COP16 to try to change that, to try to change it to “net positive” and more nuanced terms, because no company can be nature-positive, right? So, I think first, there’s that terminology issue and the reputational thing. But you’d like me to talk a bit more about the actual projects that we’re seeing and tracing and investments that-

Finance Colombia: Absolutely. I mean, obviously, don’t give away any client secrets, but we’d really love to hear about some of the ways that companies engage with FTI to kind of navigate this landscape.

Lucas Marsden: Yeah, I mean, the great news is that Latin America is the main receiver of climate-related funds, and there’s a huge amount of money, and this week with COP16 even more money being pumped into some incredible projects in, say, for example in Colombia, in Antioquia, in Vichada, around the Amazon. Some really incredible things are being done. I actually had a talk with one of the ministers of Indigenous Relations in Chile, who was telling me, “Look, all this money is pumping in, but what’s actually happening on the ground? Like, we’re not seeing this on the ground. We’re already protecting the environment.”

Saying, you know, “We’ve invested 20 million, might be great for a sort of top-level headline.” But, when you’re thinking about it actually being implemented, these communities are already doing this; they’re already protecting the oceans, they’re already protecting the landscape. So a lot of what we do in FTI is help companies. It’s not just about the investment, it’s about how do you get in a room with these communities, how do you find out what they’re doing, how do you increase those efforts so we’re not starting from zero and we’re not going in there and making a mess of things, which, unfortunately, has happened.

Finance Colombia: You know, you kind of almost answered my next question for you, and you’ve been generous with your time, and that was: You see a lot of these initiatives that are launched at a global level, or these guys go over there, Davos, Switzerland, and come up with this initiative, and they come on the ground and it’s like, “We’re going to do this or that,” but they don’t have input at the conceptual level or the decision-making level, with the local communities on the ground. You know, I’ve talked to friends in the Wayuu community, for example, here in Colombia. And on one hand, with some companies, they have great relationships because the companies have been very…I guess not presumptuous, or, you know, like, “Look, let’s come and listen to you first before we go and do anything,” or say, “What do you need?”

In other cases, they’ve been in more contentious relationships where some company comes in with some initiative that doesn’t take into account the actual needs on the ground, or not just the needs, but the beliefs and the wishes of those local communities. So, what can companies do and what have you seen that has been successful when companies try to engage, and so not just be environmentally responsible, but also socially responsible, and treat those local communities as equal stakeholders and partners, versus looking at them as, like, little children or something like that?

Lucas Marsden: Yeah, definitely. And I think that is the key to what this COP has been about. It’s called the COP of the people. It’s this idea that you can’t remove the environment from the social aspect and that there are communities that are living there that are making their income, their livings, from living in this kind of highly biodiverse place. So, that’s why there’s been so much encouraging indigenous participation at COP16. The first thing you need to do is actually understand who you’re talking to.

The other side of the business that we have is FCPA investigations, Department of Justice investigations, corruption; when things go wrong, we have an investigative team that goes and finds out what’s happened. A lot of the times what has happened is that you’re speaking to the leader of the community, you think that they represent the wider community, and they say, “Right, there’ll be no problem. We’ll sign all the papers; just help me with the roof of my house over here, and it’ll be okay.” Right? So, make sure that you’re not falling into those traps, that you’re not just saying- It’s not as simple as saying, “Okay, this is the leader of the community.” Unfortunately. You’ve got to have a wider thing and find those good actors, find the ones that are really benefits in the community and make sure you identify that. So, a big part of what we do is stakeholder mapping identification to make sure that that panorama is clear.

Finance Colombia: We have two audiences at Finance Colombia. Basically, either multinational executives that have current or potential operations in Colombia, and then, of course, institutional investors. Now, for those executives, when is the ideal time to engage with FTI Consulting? When should they reach out? When should they look at the services that you offer, like you just mentioned? What kind of due diligence, and that kind of thing. What’s the ideal circumstance and, maybe, the ideal client profile?

Lucas Marsden: Well, we embed ourselves and exist on top of the current situation, right? I mean, you get some consultancies that will come in and just start things from scratch. These companies, they know what they’re doing, they have very good risk profiles, they’ve got good boots on the ground. And that’s the real key part: having boots on the ground. So, I’ve been talking to some investors from some banks that said they wouldn’t invest in climate initiatives unless they have a presence in that country, an office. Not necessarily a risk office, but an office, so at least they understand the culture of it, right? And when it’s getting to that point…I mean, what I said about FTI is as early as possible. Anytime that you need that help with the identification, with understanding the culture. If you’ve got a team on the ground, if you’ve got a risk team, brilliant. If you don’t, we can help from scratch. If you do, then we can sit on top of what already exists, do some kind of external and second opinion, right? And yeah, that’s what we said.

Finance Colombia: It’s like when a large company is going to have in-house counsel, but they also have the law firms that they partner with. They may have risk experts, but it’s leveraging your expertise, and especially global expertise, when you’re going into new markets, maybe where they haven’t operated. Well, Lucas, thanks. You’ve been great with your time and, even more importantly, great with your knowledge here at CGS, and I hope to see you again.

Lucas Marsden: Great. Thank you very much.

This year there are 35 winners across five awards categories: Bonds & Loans Lifetime Achievement, Deal of the Year, Bank, Borrower & Legal.

Since 2015, the Bonds & Loans Awards have been recognizing the year’s most innovative and ground-breaking deals from Sovereign, Corporate and Financial Institution issuers and borrowers.

The 2023 Bonds & Loans event will take place November 27^th & 28^th at The Ritz-Carlton Key Biscayne, Miami

Bringing together the industry’s highest profile figures, the Bonds & Loans Latin America & Caribbean awards are an opportunity to raise the profile of the financial markets with the international investment community, and to inspire future issuance by companies.

The exhaustive selection process involves close examination of deal size, tenor, structure, and distribution; analysis and background of the borrower and their accessibility to financing; with extra credit for those deals demonstrating high quality execution, accessing new pools of liquidity, innovative structuring, and opening-up new markets.

GFC Media says that this year’s winners are a testament to the leadership demonstrated by Latin America and The Caribbean’s finance and investment community, which has successfully navigated through a ground-breaking year.

Presentation of the awards took place after the second day of the Bonds & Loans Latin America & Caribbean event, on November 2022 at The Ritz-Carlton Coconut Grove, Miami.

2022 AWARD WINNERS:

Bonds & Loans Lifetime Achievement Award:

• Carlos Garcia Moreno, Chief Financial Officer, America Movil

Sovereign Bond Deal of the Year:

• The Republic of Chile
• USD 2bn SEC Registered Sustainability-Linked Bond at 4.340%
• Issued: March 2022; Matures: March 2042
• JLMs/Bookrunners: BNP Paribas, Credit Agricole CIB, Societe Generale
• Legal Advisers to Issuer: Linklaters, Morales & Besa
• Legal Adviser to the JLMs: Cleary Gottlieb, Garrigues

Agency Bond Deal of the Year:

• CABEI
• MXN 5bn Floating Rate Notes at 3.98%
• Issued: June 2021; Matures: June 2024
• JLMs/Bookrunners: BBVA, HSBC
• Legal Advisers to Issuer: Shearman & Sterling, Ritch Mueller

Investment Grade Corporate Bond Deal of the Year:

• Sitios (America Movil)
• USD 1bn 144a/RegS Senior Unsecured Bond at 5.375%
• Issued: March 2022; Matures: April 2032
• Global Coordinators: Citi, JPMorgan
• JLMs/Bookrunners: Citi, Barclays, BBVA, BofA Securities, JP Morgan, Scotiabank
• Legal Advisers to Issuer: Cleary Gottlieb, Bufete Robles Miaja
• Legal Adviser to the JLMs: Ritch Mueller, Simpson Thacher & Bartlett

High Yield Corporate Bond Deal of the Year:

• Comunicaciones Celulares S.A. (Millicom, Comcel)
• USD 900m 144a/RegS 10NC5 Senior Secured Guaranteed Notes at 5.125% to finance Millicom’s acquisition of the remaining 45% equity stake in Comcel
• Issued: January 2022; Matures: January 2032
• Global Coordinators: Goldman Sachs, JP Morgan
• JLMs/Bookrunners: Goldman Sachs, JP Morgan, Scotiabank
• Legal Advisers to Issuer: Davis Polk & Wardwell, Consortium Legal
• Legal Adviser to the JLMs: Milbank, Cuestas PPQ

Hybrid Bond Deal of the Year:

• CEMEX
• USD 1bn 144a/RegS Hybrid Perpetual NC5.25 Notes at 5.125%
• Issued: June 2021; Matures: PerpNC5.25
• JLMs/Bookrunners: Citi, BofA Securities, HSBC
• Legal Advisers to Issuer: Skadden
• Legal Adviser to the JLMs: Cleary Gottlieb

Sovereign Liability Management Deal of the Year:

• The Dominican Republic
• DOP 110bn 144a/RegS (with permanent restrictions and concurrently offered via local auction) Senior Unsecured Dual-tranche Bonds at 8.0% and 8.625%
• Issued: June 2021; Matures: June 2028 and 2031
• JLMs/Bookrunners: Citi, JP Morgan
• Legal Advisers to Issuer: Cleary Gottlieb
• Legal Adviser to the JLMs: Simpson Thacher & Bartlett

Corporate Liability Management Deal of the Year:

• PEMEX
• USD 1bn 144a/RegS Bonds and USD 5.814bn Exchange/Tender Offer at 6.70%
• Issued: December 2021; Matures: February 2023
• Bookrunners: BofA Securities, Citi, Goldman Sachs, HSBC
• Legal Advisers to the Issuer: Cleary Gottlieb
• Legal Advisers to the Bookrunners: Shearman & Sterling, Ritch Mueller

Sovereign Restructuring Deal of the Year:

• The Republic of Belize
• USD 553m Blue Loan (USD364m Blue Loan used to retire USD553m Superbond with coupon of 3.0% at 55c to USD)
• Settled: September 2021
• Financial Adviser: Citi
• Legal Advisers to Issuer/Borrower: Sullivan & Cromwell
• Legal Adviser to the JLMs: David Polk

Corporate Restructuring Deal of the Year:

• Cinepolis
• USD 1.6bn MXN, USD, EUR, BRL and PEN Multi-Currency Debt Restructuring (Covenant Holiday and 2-Year Tenor Extension) and USD 200m New Term Loan Facility
• Settled: July 2021; Matures: July 2028
• Obligor’s Adviser: Lazard
• Lenders’ Advisor: FTI Consulting
• Legal Adviser to the Obligor: Skadden, Galicia
• Legal Advisers to the Lenders: Milbank, Creel García Cuellar

Syndicated Loan Deal of the Year:

• KKR (Project Alameda)
• USD 460m 4-tranche syndicated loan (USD 230m Term Loan, USD 140m Capex, USD 11m Revolving Credit, and USD 55m VAT Facilities) for the acquisition of 60% of Telefonica Chile’s Fiber Optic Network
• Issued: July 2021; Matures: July 2027
• Global Coordinators: Scotiabank, KKR Capital Markets
• Bookrunners: Scotiabank, KKR Capital Markets
• Legal Advisers to the Borrowers: Simpson Thacher & Barlett, CM Carey & Allende
• Legal Advisers to the Bookrunners: Allen & Overy, PPU

Mid-Cap Loan Deal of the Year:

• Lifemiles
• USD 400m Term Loan B
• Issued: August 2020; Matures: March 2026
• Bookrunners: Citi, Morgan Stanley

Leveraged Finance Deal of the Year:

• Mubadala Capital
• USD 1.8bn 144a/RegS Senior Secured Bonds at 7.25%
• Issued: July 2021; Matures: June 2031
• Global Coordinators and Bookrunners: Bradesco BBI, JPMorgan, HSBC, Societe Generale, Standard Chartered, UBS
• Bookrunners: Deutsche Bank
• Legal Advisers to Issuer: Skadden
• Legal Adviser to the JLMs: Milbank, Machado Meyer

Acquisition Finance Deal of the Year:

• Ecopetrol
• USD 3.8bn Bridge Loan for the Acquisition of ISA
• Issued: November 2021; Matures: November 2023
• Bookrunners: Citi, JPMorgan, Santander, Scotiabank
• Legal Advisers to the Borrower: Shearman & Sterling, Baker McKenzie
• Legal Advisers to the JLMs/Bookrunners: Milbank, Gomez Pinzon & Asociados

Project Finance Deal of the Year:

• Tocumen
• USD 1.855bn 144a/RegS Senior Secured Dual-Tranche Project Bond at 4.0% and 5.125%
• Issued: August 2021; Matures August 2041 and August 2061
• Bookrunners/JLMs: Citi, BofA Securities
• Legal Advisers to the Issuer: Shearman & Sterling, Icaza, González Ruiz & Alemán
• Legal Advisers to the JLMs: Milbank, Aleman Cordero Galindo & Lee

ESG Bond Deal of the Year:

• The Central America Bottling Corporation
• USD 1.1bn 144a/RegS Sustainability-Linked Bond at 5.25%
• Issued January 2022; Matures: April 2029
• Global Coordinators: Citi, JP Morgan
• JLMs/Bookrunners: Citi, JP Morgan
• Legal Advisers to Issuer: Hogan Lovells, Walkers, Palacios y Asociados
• Legal Adviser to the JLMs: Shearman & Sterling, Harney Westwood & Riegels, Atla Qil, Uria Menendez

ESG Loan Deal of the Year:

• CEMEX
• USD 3.25bn Sustainability-Linked Dual-tranche Credit Facility
• Issued: October 2021; Matures: October 2026
• Bookrunners: BNP Paribas, Banamex, Citi, BofA Securities, JP Morgan
• Legal Advisers to the Borrower: Skadden, GHR Rechtsanwalte
• Legal Adviser to the Bookrunners: Cleary Gottlieb, Galicia

BRL Deal of the Year:

• BNDES + VALE
• BRL 11.5bn 144a/RegS and ICVM 476 Senior Unsecured Dual-tranche Debenture
• Issued: April 2021
• Bookrunners: Bradesco, Citi, Itau BBA, JP Morgan
• Legal Advisers to the Issuer: Cleary Gottlieb Steen & Hamilton, Pinheiro Guimaraer Advogados
• Legal Adviser to the Bookrunners: Mattos Filho Veiga Filho Marrey Jr e Quiroga

MXN Deal of the Year:

• Grupo Aeroportuario del Centro Norte (OMA)
• MXN 5bn Dual Tranche 5-year Sustainability-Linked Floating Rate Note and 7-year Sustainability-Linked Fixed Rate Note at 6.87% and 9.35%
• Issued: March 2022; Matures: March 2027 and March 2029
• JLMs/Bookrunners: Citi, HSBC, Santander
• Legal Advisers to Issuer: Mijares, Angoitia, Cortés y Fuentes

COP Deal of the Year:

• Sacyr Concesiones
• USD798m 144s/RegS Project Bonds at 6.60% and Secured Loans
• Issued: February 2022; Matures: February 2041, May 2030, May 2037, April 2030
• Global Coordinators and Bookrunners: Goldman Sachs, JP Morgan
• Legal Advisers to Borrower/Sponsors: Clifford Chance, Posse Herrera
• Legal Adviser to the JLMs: Latham & Watkins, Philippi Prietocarrizosa, Perez Bustamante & Ponce, Uria Menendez

PEN Deal of the Year:

• Multimercados Zonales (Minka)
• PEN 135m Private Placement Securitisation Bonds at 7.969%
• Issued: November 2021; Matures: November 2041
• Bookrunner: Scotiabank
• Legal Adviser to the JLMs: Rodrigo Elias & Medrano

CLP Deal of the Year:

• Digital Bridge (Project Ocean)
• CLP 205bn Term Loan Facility for Digital Bridge’s acquisition of 100% stake of Pacífico Cable
• Issued: March 2022; Matures: March 2027
• Bookrunners: Scotiabank
• Legal Advisers to the Borrower: Vinson & Elkins, Carey
• Legal Advisers to the JLMs/Bookrunners: Allen & Overy, PPU

Bond House of the Year:

• JP Morgan

Loan House of the Year:

• Citi

Structured Finance Bank of the Year:

• Citi

Project Finance Bank of the Year:

• SMBC

ESG/Sustainable Finance Adviser of the Year:

• BNP Paribas

Brazilian Investment Bank of the Year:

• Itau BBA

Mexican Investment Bank of the Year:

• Santander

Andean Investment Bank of the Year:

• Scotiabank

Sovereign Funding Team of the Year:

• Ministry of Finance, Republic of Mexico

Corporate Funding Team of the Year:

• America Movil

Bank Funding Team of the Year:

• Corporación Andina de Fomento (CAF)

Banking & Finance Legal Adviser of the Year:

• Skadden

Debt Capital Markets Legal Adviser of the Year:

• Milbank

Duque joins FTI Consulting from the Colombian airline Avianca Holdings, where she served as Senior Vice President of Strategic Relations and Director of Customer Experience. For the past five years, Ms. Duque was a key player in structuring the company’s strategy and management of public affairs, sustainability, and crisis management, according to FTI. Duque is also the sister of Colombia’s current President, Ivan Duque.

María Paula brings deep experience in crisis communications and public affairs to FTI Consulting, serving clients in various highly regulated industries globally and within the Colombian market. She will lead the Colombia office together with the Managing Director, Jorge Del Castillo, and will report to Ana Heeren, Senior Managing Director and Director for Latin America for the Strategic Communications segment at FTI Consulting.

Between 2005 to 2016, María Paula held positions as Director of Public Sector and Business Segment in Microsoft Colombia and the Andean region. In addition to her most recent work, Ms. Duque was Vice Minister of the Colombian Ministry of Communications from 2002 to 2005 during the administration of then President Alvaro Uribe, where she focused on redesigning the ministry’s structure and leading social investment projects.

Duque also worked as General Secretary and VP of Regulation at EPM Bogotá Telecom and as General Secretary at Bogotá’s municipally owned telecom utility, ETB (Empresa Telefónica de Bogotá). Duque is also an active member of several Boards of Directors, including Colombian insurance company Seguros Bolivar, and she participates in associations such as Women In Connection and Mujeres TIC.

Photo courtesy FTI Consulting

“LATAM entered the COVID-19 pandemic as a healthy and profitable airline group, yet exceptional circumstances have led to a collapse in global demand and has not only brought aviation to a virtual standstill, but it has also changed the industry for the foreseeable future,” said Roberto Alvo, Chief Executive Officer of LATAM. “We have implemented a series of difficult measures to mitigate the impact of this unprecedented industry disruption, but ultimately this path represents the best option to lay the right foundation for the future of our airline group. We are looking ahead to a post-COVID-19 future and are focused on transforming our group to adapt to a new and evolving way of flying, with the health and safety of our passengers and employees being paramount.”

Qatar Airways along with the Cueto and Amaro families, all major shareholders, have agreed to provide up to $900 million in debtor-in-possession financing to the airline. To the extent permitted by law, the group says that they would welcome other shareholders interested in participating in this process to provide additional financing. As of the filing, the group had approximately USD$1.3 billion in cash on hand.

LATAM and its affiliates are also in discussions with their respective governments of Chile, Brazil, Colombia and Peru to assist in sourcing additional financing, protect jobs where possible and minimize disruption to its operations. In 2019, the group launched 26 new routes and transported a record 74 million passengers, 5.4 million more than in 2018. The group’s plans for 2020 included further enhancing its passenger experience through cabin transformations and strengthening its strategic partnerships to further connect Latin America with the world.

“Faced with the biggest crisis in the history of aviation, the Board has approved this path forward having analyzed all the available alternatives to ensure the sustainability of the group. As we have adapted to new realities in the past, we are confident that LATAM will be able to succeed in the post-COVID-19 context and continue to serve Latin America, connecting the region with the world,” said Ignacio Cueto, Chairman of LATAM’s Board of Directors. 

LATAM is advised in this process by Cleary Gottlieb Steen & Hamilton LLP and Claro & Cia. as legal advisors, FTI Consulting as financial advisor and PJT Partners as investment banker.

Operational continuity expected

According to the airline:

• LATAM Airlines Group S.A. and its affiliates will continue to operate passenger and cargo flights, subject to demand and travel restrictions.
• All current and future tickets, travel vouchers and frequent flyer miles and benefits, as well as flexibility policies, will be honored.
• The group’s employees will continue to be paid and receive benefits as provided in their employment agreements.
• Suppliers will be paid in a timely fashion for goods and services delivered from May 26, 2020 forward and throughout this process.
• Travel agencies and other commercial partners will experience no disruption in their interactions with the LATAM group.

While most of LATAM’s affiliates are included in the reorganization process, several entities are not, due to the nature of their debt structure and current financial status. A full list of filing entities is available at cases.primeclerk.com/LATAM. The list below summarizes the inclusion of these entities in the Chapter 11 financial reorganization and other proceedings.

Material filing entities:

• Chile: LATAM Airlines Group S.A. and certain other entities incorporated in Chile are included in the Chapter 11 filing and will also file recognition proceedings in Chilean Courts in order to ensure that the Chapter 11 process is given full credit and effect, providing even greater protection to LATAM’s businesses.
• Colombia: LATAM Airlines Colombia and other entities incorporated in Colombia are included in the Chapter 11 filing and will also file recognition proceedings in the Superintendencia de Sociedades in order to ensure that the Chapter 11 process is given full credit and effect, providing even greater protection to LATAM’s businesses.
• Peru: LATAM Airlines Perú and other entities incorporated in Peru are included in the Chapter 11 filing and are also filing a “Preventative Reorganization Process” with INDECOPI in order to ensure to these businesses are further protected from adverse actions of creditors.
• Ecuador: LATAM Airlines Ecuador is included in the Chapter 11 filing.
• United States: All of the group’s operating entities, other than special purpose vehicles, in the United States are included in the Chapter 11 filing.

Non-filing entities

• Argentina, Brazil and Paraguay: LATAM’s affiliates in Argentina, Brazil and Paraguay are not included in the Chapter 11 filing. LATAM’s affiliates in Brazil are in discussions with the Brazilian government about the next steps and financial support for their Brazilian operations.

LATAM Airlines Group group has created a dedicated website: www.LATAMreorganizacion.com, where stakeholders can find additional key information about what this announcement means for them, and also established a hotline for Chapter 11-related inquiries, which can be accessed at (929) 955-3449 or (877) 606-3609 in the U.S. and Canada. International toll-free numbers will be available on www.LATAMreorganizacion.com in the coming days. It also has a dedicated email for inquiries related to the reorganization at lataminfo@primeclerk.com.

Finance Colombia: So we are here with Catalina Restrepo. What is your title formally?

Catalina Restrepo: Yes, the Executive Director of the Agency for International Cooperation and Investment for Medellín and the Metropolitan Area, but “ACI Medellín” is nicer (smiles).

Finance Colombia: Right, and how much time do you have in this role?

Catalina Restrepo: It’s been one year and six months.

Finance Colombia: And what did you do before? Tell me a bit about your story. Are you a local or from another part of Colombia?

Catalina Restrepo: I was born and raised in Medellín. I studied high school here in the city of Medellín, and then when I graduated I went to the United States. I went to Minnesota, first to learn English, although I was already in a bilingual school, and then I decided to stay to do my professional studies there in Minnesota. I did my Bachelors in Business Management, and I did a minor in French.

Finance Colombia: University of Minnesota?

Catalina Restrepo: University of Saint Thomas. Then I had the opportunity to enjoy the Minnesota cold.

We can’t fall into the trap that “yes, Medellín is the best” no. Medellín is the best for us who love it very much, but we all have challenges, we all have to learn, so let’s say that it’s still surprising, that when they come here they come as with “could it be? Is it not?” And when they get to know us they say “oh well, yes!”

Finance Colombia: Yes, it’s like the coldest state except Alaska.

Catalina Restrepo: Of the United States. The nine months of winter, and the three of summer, but I have eternal gratitude to the Twin Cities (Minneapolis, St. Paul) because I was really happy while I was there, then I had the opportunity to work in finance in the United States, then I returned to Colombia, and returned to Medellín. I worked at the Museum of Antioquia as Director of Events, then I went to Bogotá, worked in the Presidency of the Republic for four years, after that I worked for the Governor of Antioquia, then to the Ministry of Commerce. I worked in the World Bank in Bolivia on all issues of competitiveness indicators, and finally I worked in SENA, and then I arrived at the Mayor’s Office.

Finance Colombia: Wow, fascinating.

Catalina Restrepo: So during all that time gaining work experience, I continued my studies; I studied a specialization in Communications and Corporate Social Responsibility. I also did another specialization in Public Government at the J.F.K. School of Government at Harvard University, and finally I did a Master’s Degree in Public Relations and Communications.

Finance Colombia: Excellent, then you have a good balance between finance and the technical, also for human relations and public relations.

Catalina Restrepo: When I worked at the Presidency of the Republic, I worked on issues of international cooperation. In the Ministry of Commerce I had the opportunity to work with multilateral organizations, then in all my work experience, I’ve always had my counterparts, and here in the ACI I had all these counterparts in the same job, so that’s what I do. Make this work fascinating, make sure this work is enriching, that it contributes a lot to myself as a person and as a professional, and it’s a job… I say that I have the most beautiful job of all, because here in ACI we work to create good news every day.

If there is a public entity that can offer good news, it’s ACI: Who would complain about the fact that we generate employment? Who can complain about the fact that we improve the capabilities of the citizens’ territory through cooperation? Companies arrive here and demand to make us their base city, to have better human talent, to have more competitiveness, but also these citizens have formal job opportunities, so we show them every day how Medellín has transformed through all those delegations that come from all over the world, to see what happened in Medellín? In the nineties it was a city that nobody wanted to see, the most violent city in the world, to now be today the Medellín of the Fourth Industrial Revolution; that recently the World Economic Forum decided that Medellín is that “focus” for Latin America, it’s the fifth city in the world that has a center of that type, so they ask me what do Tokyo, Mumbai, Beijing, San Francisco and Medellín have in common? I tell them that we are the cities for the Fourth Industrial Revolution.

Finance Colombia: It’s fascinating how Medellín has changed. I remember my first time in Colombia, in 2004, and looking at what Colombia is like now, and specifically Medellín, how the reputation has changed and how Medellin is like the Silicon Valley of South America. There are companies that are migrating from Uruguay, the United States, Europe, and not because it is cheaper—although it is cheaper—but because of the quality of life, because of its human resources, there is human talent, the connectivity that it has. Tell me then: When you arrived at ACI Medellín, the agency was already established, it already has a good reputation because of professionals like Juan Carlos Valencia and his colleagues but sometimes I think it is less of a challenge to change or to fix something that is broken, than taking something that is working and take it to the next level, as you see when you arrived. What are you proud of what you have achieved? You don’t have much time since starting, but what I’ve seen as a journalist, looking at what’s happening here, the arrival of more businesses, as there are always announcements of a company that is coming to Medellín, which chose Medellín to grow, then what do you see as your main achievements that you have made as in the last months?

Catalina Restrepo: Look, Loren, I think that the achievements are immense, and the agency has been founded for seventeen years now. It’s an agency that has been transforming and adjusting to the needs of the city, and has been an agency that has been able to adapt to its changes.

So, one, the agency’s human team is invaluable, and that’s the first thing. Two, the great achievements? That last year we worked very hard and we achieved almost all the goals of the development plan, from “Medellín Cuenta con vos 2016-2019.” So, to achieve that in such a short time it’s not just my issue, it’s a matter of team commitment and working with the team and for the team, because what is the point for me to do certain things if I don’t know how to give that communication to the team so the results of the agency is everyone’s? We are a team, we have a great leader who is our mayor, and the mayor is convinced that this is a very important opportunity, and when I say this, this is the daily work of the agency.

It’s very important for the economic development of the city, so what have we done? we have focused a little more, we have not tried to do a little bit of everything. What is the focus of 2018? What is the focus of 2019? We’re doing very well, but let’s demand more from ourselves because I know we can do better.

So if you see the achievements we have so far, that is, in direct foreign investment, Medellin has today $1.01 billion US dollars as of May 31, and we hope to end December 31, 2019 with almost 1.2 billion dollars. If we compare ourselves with other cities, for example with Barranquilla, Bogotá, with Cali, Medellín is second, it’s supremely well ranked, not in vain last week FTI Intelligence from Financial Times recognized us as the fourth city globally in strategy.

So the challenges have always been there and it is to demand more because I know we can do more, capitalize on that human talent, focus much more that human talent and work hand in hand with the administration, because although we are a decentralized entity, we are the Mayor of Medellín, we are the Municipality of Medellín, we are the metropolitan area as our name says, so we  work very actively with these actors, with these allies, with the chambers of commerce, with private companies, with universities, which is what has characterized Medellín’s transformation and keeps transforming and there is a continuity in processes, which is that work between university, company, state. So, if we continue to work together, the results are seen, and this is proof that the results are visible and the impact is much greater.

Finance Colombia: If you look for example at the next five years, what do you see? There are some things that are within the control, of ACI, as an agency, but there are also external factors, nobody knows what will happen to the economy, the price of oil, but for what can ACI do? Specifically talking to the world, talking to investors and businesses, what is your vision of the potential that ACI has?

Catalina Restrepo: I would love it if the ACI had, I don’t know if a department, a space or some professionals, dedicated solely and exclusively to offer cooperation. The ACI and Medellin is now ready. We in our time need the world to transform us, I believe that today, and given the flow of delegations that we receive weekly to learn from Medellin, my dream is that Medellin can begin to deliver that knowledge and those good practices, because what happens? It is not that they are going to be copied verbatim, no, because Medellín has a reality, San José de Costa Rica has another reality.

But if there is something here that has already worked, and can be adapted to San José de Costa Rica, how not to share it with that city? So that this city also grows. So that would seem incredible to me, we have made progress, but it takes a lot of time and it requires people dedicated exclusively to that, then that would be one of my dreams, I would love it if that could be achieved. In other terms also specialize a little more in investment, Medellin has great potential.

If we could have more, if the human team was bigger for the investment issue, which I think is key, because if we compare ourselves today with the different investment promotion agencies in the country, our team is small for the results we have achieved. So I know that with a little more human talent, we can achieve many more things, and I’m sure the agency will continue to grow, it will continue to transform and will continue to achieve great things for Medellín, and that is all that one wants, starting because we are locals, and we want Medellín to do well, because if Medellín is doing well, we are doing well.

Finance Colombia: Yes.

Catalina Restrepo: As a citizen.

Finance Colombia: Talking to investors and business people everywhere, it’s like Medellín has achieved a lot in the last decades. Medellin largely has already overcome its historical reputation of Medellin 1993 for example, as we talk about figures, crime, welfare or those things, also Medellin has a recent reputation for its talent, for technology. With many software companies and industrial investment companies that have industrial production centers, when you talk to these executives, who may already understand that, they already know “ah yes, there is technology in Medellin,” Medellin is safe and certainly I won’t be hijacked at the airport or all those risks, but the reality still surprises businesspeople when they come or when you talk to them and you’re talking about the value of Medellin or offering of Medellin or what is in Medellin, what still surprises those who have not visited? That there are people—there is technical talent, I know it’s already safe, I know I can fly there to three hours from the United States, what is the thing that still surprises you, what is it that you still don’t understand about Medellín, what frustrates you in this process of orientation to the city?

ACI Medellín’s Catalina Restrepo with Finance Colombia’s Loren Moss

Catalina Restrepo: More than frustrating me, I am also surprised, because every time we are in the streets or every time a delegation arrives here, and right now for example I am quite surprised with the World Mayors Summit, which we had from July 10 to July 12, where had mayors from the other side of the world, I’m talking about Asia, Indonesia, China, which are very far from Medellín, we don’t speak the same language, and they know us know very well, so it’s something that is very surprising, because I say, what is it? What did we do well? That they know us, but what are we not doing so well for everyone to recognize the capabilities, because, many times when they arrive here, some make the first contact, they still have that doubt, about Medellín being the right decision: “is it?” “Could it be that they are just talking a lot of chatter?” It’s like that disbelief because it’s very difficult to go from being the ugly girlfriend to being the girlfriend that everyone wants to have, that’s what happens with Medellin, and I tell you Loren, we’ve come a long way, but we lack immensely.

Finance Colombia: Yes.

Catalina Restrepo: We lack immensely, we can’t fall into the trap that “yes, Medellín is the best” no. Medellín is the best for us who love it very much, but we all have challenges, we all have to learn, so let’s say that it’s still surprising, that when they come here they come as with “could it be? Is it not?” And when they get to know they say “oh well, yes!” already convinced, yes it’s true and when you walk in the streets, when you talk to people, because, talking is our job.

It’s our job, but to hear people say how it has been transformed, how they have seen the positive impact of investment, cooperation, work, administration, it’s another story, because people are honest and the people I could say something “that doesn’t work”, “I love that” and understand that process, how it benefits our work to each citizen on foot, that is what still surprises me, and I hope it doesn’t stop surprising me, because the day I stop being surprised, then the work has lost its meaning.

Finance Colombia: Yes, yes. Thank you very much for your time.

Catalina Restrepo: No Loren, to you, thanks to you.