Republic of Uruguay’s Tender Offer and Bond Offering

Shearman & Sterling also advised Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Itau BBA USA Securities, Inc., as joint-book runners and dealer managers on the deal.

Republic of Uruguay completed an offer to purchase for cash for its 4.250 percent Global UI Bonds due 2027, 4.375 percent Global UI Bonds due 2028 and 4.000 percent Global UI Bonds due 2030.

Republic of Uruguay also completed a bond issuance for an aggregate principal amount of $400 million 4.375 percent bonds due 2031 and Ps.68,505,600,000 (equivalent to $1.6 billion) 3.875 percent UI Global Bonds due 2040.

The Republic of Uruguay will use the net proceeds from the offerings to partially finance the implementation of measures designed to support economic activity, employment and protect vulnerable sectors, including COVID 19-related government response through Uruguay’s broad social safety net and the remainder for general purposes of the government, including financial investment and the refinancing, repurchase or retiring of domestic and external indebtedness.

Shearman & Sterling team included Antonia E. Stolper (Picture), Roberta Cherman, Larry Crouch, Maria Marulanda Larsen, Thomas Lemouche, Eric Grosshandler, Daniel Kachmar, Sofia Gallo and Miguel Torres Caro.

Involved fees earner: Roberta Cherman – Shearman & Sterling; Larry Crouch – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Thomas Lemouche – Shearman & Sterling; Maria Marulanda Larsen – Shearman & Sterling; Antonia Stolper – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Citigroup Global Markets Ltd; HSBC Securities; Itaú BBA USA Securities;

Author: Ambrogio Visconti