Republic of Chile’s $1.42 Billion Debt Offering and Tender Offer

Cleary Gottlieb Steen & Hamilton, Morales & Besa, Shearman & Sterling and Philippi Prietocarrizosa Ferrero DU & Uría advised on the deal

Republic of Chile (Chile) executed a SEC-registered offering of $1.42 billion 3.5% notes due 2050.

Joint lead managers and bookrunners for the 2050 notes were BNP Paribas Securities Corp., Citigroup Global Markets Inc., and HSBC Securities (USA) Inc. The offering of the 2050 notes priced on June 17, 2019, and closed on June 25, 2019.

Chile used a portion of the net proceeds of the 2050 notes to pay the purchase price for bonds tendered to Citigroup Global Markets Inc., as billing and delivering bank, under an intra-day secondary trade tender offer launched simultaneously with the announcement of the 2050 notes. Chile also announced that it intends to invest an amount equal to the proceeds from the sale of the 2050 notes into projects that may qualify as “eligible green expenditures” under Chile’s Green Bond Framework, making this the first green debt offering by Chile.

Cleary Gottlieb Steen & Hamilton advised the Republic of Chile with Andrés de la Cruz (Picture), Erika W. Nijenhuis, Ignacio Lagos, Lorenz Haselberger, Hannah Whitney, Alexander Cadmus, Juan Ignacio Grimau and Valeria Rafanelli.

Morales & Besa advised the Republic of Chile with Guillermo Morales E., Jaime Rosso G., María Francisca Bannura, Mariana Schnettler R. and Beatrice Russo.

Shearman & Sterling advised BNP Paribas Securities Corp., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. with Stuart K. Fleischmann, Grissel Mercado, Larry Crouch, Yaw Asare, J. Ignacio Saldana, Eric Grosshandler and Ahuva Weinreich.

Philippi Prietocarrizosa Ferrero DU & Uría advised BNP Paribas Securities Corp., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. with Marcelo Armas, Marcela Silva González, Daniel Parodi Nebreda and Santiago Mesías.

Involved fees earner: Alexander Cadmus – Cleary Gottlieb Steen & Hamilton; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Lorenz Haselberger – Cleary Gottlieb Steen & Hamilton; Ignacio Lagos – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton; María Francisca Bannura – Morales & Besa; Guillermo Morales – Morales & Besa; Jaime Rosso G. – Morales & Besa; Mariana Schnettler R. – Morales & Besa; Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Santiago Mesías – Philippi Prietocarrizosa Ferrero DU & Uría; Daniel Parodi – Philippi Prietocarrizosa Ferrero DU & Uría; Marcela Silva Gonzalez – Philippi Prietocarrizosa Ferrero DU & Uría; Yaw Asarey – Shearman & Sterling; Laurence Crouch – Shearman & Sterling; Stuart Fleischmann – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Grissel Mercado – Shearman & Sterling; Ignacio Saldana – Shearman & Sterling;

Law Firms: Cleary Gottlieb Steen & Hamilton; Morales & Besa; Philippi Prietocarrizosa Ferrero DU & Uría; Shearman & Sterling;

Clients: BNP Paribas Securities; Citigroup Global Markets Ltd; HSBC Securities; Republic of Chile;