Banco del Estado de Chile’s $750 Million Bond Offering

Cleary Gottlieb and Claro & Cia. represented Banco del Estado de Chile in a 144A/Reg. S offering. Carey advised BofA Securities, Credit Agricole Securities (USA), Goldman Sachs and J.P. Morgan Securities.

Banco del Estado de Chile’s issued an offering of $750 million aggregate principal amount of 2.704% Senior Notes due 2025 under its Luxembourg-registered Medium-Term Notes Program.

BofA Securities, Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as initial purchasers for the Notes.

The transaction priced on January 6 and closed on January 9, 2020. The Notes will be listed in the Luxembourg Stock Exchange.

The Cleary corporate team on the transaction included partner Andrés de la Cruz (Picture), counsel Emilio Minvielle, associate Ignacio Lagos, and international lawyer Juan Grimau. Partner Jason Factor and associates Alexander Cadmus and Michael Sims provided tax advice. Senior attorney Marc Rotter and law clerk Matthew Kelleher advised on Investment Company Act related matters, and senior attorney Allison Breault advised on the regulation of financial institutions in the United States.

In Chile, Claro & Cia. advised BancoEstado with José Luis Ambrosy.

Carey advised BofA Securities, Credit Agricole Securities (USA), Goldman Sachs and J.P. Morgan Securities with Diego Peralta Valenzuela, Paluska Solar Pleguezuelos and Nadia Jara Astudillo.

Involved fees earner: Nadia Jara – Carey; Diego Peralta – Carey; Paluska Solar – Carey; José Luis Ambrosy – Claro y Cia; Allison Breault – Cleary Gottlieb Steen & Hamilton; Alexander Cadmus – Cleary Gottlieb Steen & Hamilton; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Jason Factor – Cleary Gottlieb Steen & Hamilton; Juan Ignacio Grimau – Cleary Gottlieb Steen & Hamilton; Ignacio Lagos – Cleary Gottlieb Steen & Hamilton; Emilio Minvielle – Cleary Gottlieb Steen & Hamilton; Marc Rotter – Cleary Gottlieb Steen & Hamilton; Michael Sims – Cleary Gottlieb Steen & Hamilton;

Law Firms: Carey; Claro y Cia; Cleary Gottlieb Steen & Hamilton;

Clients: Banco del Estado de Chile; Bank of America Securities; Credit Agricole Securities (USA) Inc.; Goldman Sachs & Co.; JP Morgan Securities;

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Author: Ambrogio Visconti.