Chile’s $2 Billion Peso-Denominated Debt Offerings

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

Republic of Chile finalized its offering of Ps.675 billion 4.5 percent bonds due March 1, 2021, and of Ps.660 billion 5.0 percent bonds due March 1, 2035, which consisted of an offering to the public in Chile and an offer and sale to investors outside of Chile.

Each offer constituted a further issuance of bonds originally offered only in Chile. Joint Book-Running Managers for the international portion of the transaction of Ps. 116,815,000,000 and of Ps.115,295,000,000, respectively, were Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc. Both offerings priced on June 21, 2017 and closed on June 23, 2017. The transaction constituted Chile’s second international offering of Peso denominated bonds governed by Chilean law.

Chile will use the net proceeds of the sale of the bonds for general purposes of the government.

Cleary Gottlieb Steen & Hamilton LLP advised the Republic of Chile with Andrés de la Cruz (Picture), Erika Nijenhuis, Julian Cardona, Francisco Cravero and Santiago Achurra.

Morales & Besa advised the Republic of Chile with Guillermo Morales E., Ignacio Menchaca G., Jaime Rosso G., Vicente Valdés and María José Rojas A.

Shearman & Sterling advised Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc. with Stuart Fleischmann (Picture), Grissel Mercado, Jeffrey Tate, Joanna Enns and Adam Sternberg.

Philippi, Prietocarrizosa, Ferrero DU & Uría advised Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc. with Marcelo Armas, Marcela Silva, Daniel Parodi, Isidora Edwards, Vicente Vergara and Benjamin Cuevas.

 

Involved fees earner: Marcelo Armas Mac Donald – Philippi Prietocarrizosa Ferrero DU & Uría; Marcela Silva – Philippi Prietocarrizosa Ferrero DU & Uría; Daniel Parodi – Philippi Prietocarrizosa Ferrero DU & Uría; Isidora Edwards – Philippi Prietocarrizosa Ferrero DU & Uría; Vicente Vergara Campusano – Philippi Prietocarrizosa Ferrero DU & Uría; Benjamín Cuevas – Philippi Prietocarrizosa Ferrero DU & Uría; Guillermo Morales – Morales & Besa; Ignacio Menchaca – Morales & Besa; Vicente Valdés – Morales & Besa; María José Rojas – Morales & Besa; Jaime Rosso G. – Morales & Besa; Stuart Fleischmann – Shearman & Sterling; Grissel Mercado – Shearman & Sterling; Joanna Enns – Shearman & Sterling; Jeffrey Tate – Shearman & Sterling; Adam Sternberg – Shearman & Sterling; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Francisco Cravero – Cleary Gottlieb Steen & Hamilton; Santiago Achurra – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – 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; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Republic of Chile; Santander Securities ;

 

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Author: Ambrogio Visconti.