We advised the initial purchasers on the investment-grade debt offering

Davis Polk advised the initial purchasers in connection with the offering by Empresa de Transporte de Pasajeros Metro S.A. (“Metro de Santiago”) of $650 million aggregate principal amount of 3.693% notes due 2061. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S.

Metro de Santiago is 100% owned by the Government of Chile and is the sole operator of the subway system in the metropolitan region of Santiago, Chile.

The Davis Polk corporate team included partner Maurice Blanco, counsel Katia Brener and Elliot M. de Carvalho and associate Michael McGuire. Partner Ethan R. Goldman advised on U.S. tax matters. Members of the Davis Polk team are based in the New York and São Paulo offices.