Cleary advises on $2.1T Chilean debt offering
Cleary Gottlieb has advised Citigroup, Itaú BBA and Santander as initial purchasers in the Republic of Chile’s global offerings of 1.3 trillion pesos (approximately $1.4 billion) in 5.8% bonds due 1 October 2029, and 800 billion pesos (approximately $835.9 million) in 6.0% bonds due 1 April 2033.
Both offerings consisted of a public offering in Chile and a simultaneous offer and sale of bonds to eligible investors outside Chile pursuant to Rule 144A and Regulation S. Chile offered to investors outside the Republic P59.02 billion of the bonds maturing in 2029 and P105.65 billion of the bonds maturing in 2033.
Chile intends to invest an amount equal to the net proceeds from the sale of the 2029 bonds for general government purposes, and an amount equal to the net proceeds from the sale of the 2033 bonds to finance budgetary programmes that qualify as “eligible social expenditures” under its sustainable bond framework.
Cleary’s team included partner Jorge Juantorena (pictured), associates Ignacio Lagos and Rodrigo Lopez Lapeña, and international lawyer Juan Ignacio Leguízamo. Partner Matt Brigham and associates Daniel Solecki and Abdel Rodriguez advised on New York tax matters. All lawyers are based in New York.
