We advised Grupo Aval on its consent solicitation

Davis Polk advised Grupo Aval Acciones y Valores S.A. on a solicitation of consents by its wholly owned subsidiary, Grupo Aval Limited, from holders of its $1 billion aggregate principal amount of 4.750% senior unsecured notes due 2022 and $1 billion aggregate principal amount of 4.375% senior unsecured notes due 2030 to effect certain proposed amendments to the indentures governing the notes in order to permit Grupo Aval to spin off the shares of its subsidiary, BAC Holding International Corp.

Grupo Aval is a Colombian financial services group which provides a comprehensive range of financial services and products, including loans, deposits and pension and severance fund management, through its subsidiaries.

The Davis Polk capital markets team included partners Manuel Garciadiaz and Yasin Keshvargar, counsel Jake Tyshow and associate Tianwei Liu. Partner Ethan R. Goldman and associate Ben Levenback provided tax advice. Members of the Davis Polk team are based in the São Paulo and New York offices.