Republic of Uruguay’s Tender Offer and $1.75 Billion Issuance of Bonds

Shearman & Sterling advised BBVA Securities Inc., Citigroup Global Markets Inc., and HSBC Securities (USA) Inc., on the offer to purchase for cash made by the Republic of Uruguay for its U.S. dollar-denominated 8.000% Global Bonds due 2022, 4.500% Global Bonds due 2024, 6.875% Global Bonds due 2025 and 7.875% Global Bonds due 2033.

Shearman & Sterling also advised BBVA, Citigroup and HSBC as joint bookrunners on the Republic of Uruguay’s SEC-registered bond issuance for an aggregate principal amount of $1.75 billion. The bonds pay interest at a rate of 4.975% per annum due 2055.

The Republic of Uruguay will use the net proceeds from the offerings for the general purposes of the government, including refinancing, repurchase and retirement of domestic and external indebtedness, as well as for liability management transactions.

Shearman & Sterling advised with a team including Antonia E. Stolper (Picture), Jeffrey Tate, Maria Marulanda Larsen, Yaw Asare, Azeka J. Abramoff and Christian G. Vazquez

 

Involved fees earner: Antonia Stolper – Shearman & Sterling; Maria Marulanda Larsen – Shearman & Sterling; Yaw Asare – Shearman & Sterling; Christian Vazquez – Shearman & Sterling; Jeffrey Tate – Shearman & Sterling; Azeka Abramoff – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Citigroup Inc.; Citigroup Global Markets Ltd; HSBC; BBVA Securities Inc.;

 

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Author: Ambrogio Visconti