Chile’s $1.54 Billion Notes Offerings and “Switch” Tender Offer


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

The offerings were made in an SEC-registered transaction and occurred contemporaneously with a “switch tender” invitation to holders of specified outstanding series of Chile’s notes, whereby such holders were offered the right to purchase these notes, with preference given to holders who agreed to purchase Chile’s new notes.

Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc. acted as underwriters.

Shearman & Sterling has advised the underwriters with a team including Stuart Fleischmann (Picture), Grissel Mercado Flavio Averbug and Sean Dougherty (all New York-Capital Markets).

In Chile, Philippi Prietocarrizosa Ferrero DU & Uría has advised the underwriters with Marcelo Armas, Marcela Silva and Daniel Parodi.

In Chile, Morales & Besa has advised the Republic of Chile with Guillermo Morales, Matías Langevin, Jaime Rosso and María José Rojas.

Cleary Gottlieb Steen & Hamilton LLP has advised the Republic of Chile with Andrés de la Cruz, Erika Nijenhuis, Gianluca Galeoti, David Stuckey, Verónica Franco, Santiago Achurra, Francisco Cravero and Julián Cardona.

Involved fees earner: Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Marcela Silva Gonzalez – Philippi Prietocarrizosa Ferrero DU & Uría; Daniel Parodi – Philippi Prietocarrizosa Ferrero DU & Uría; Guillermo Morales – Morales & Besa; Matías Langevin – Morales & Besa; María José Rojas – Morales & Besa; Jaime Rosso G. – Morales & Besa; Stuart Fleischmann – Shearman & Sterling; Grissel Mercado – Shearman & Sterling; Flavio Averbug – Shearman & Sterling; Sean Dougherty – Shearman & Sterling; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Gianluca Galeotti – Cleary Gottlieb Steen & Hamilton; Verónica Franco – Cleary Gottlieb Steen & Hamilton; Francisco Cravero – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton; David Stuckey – Cleary Gottlieb Steen & Hamilton; Julian Cardona – Cleary Gottlieb Steen & Hamilton;

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

Clients: Citigroup Global Markets Ltd; HSBC; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Republic of Chile; Santander Securities ;

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Author: Ambrogio Visconti