Jorge Juantorena and Adam Brenneman

Cleary advises on Costa Rica’s $1.5bn debt issue

Cleary Gottlieb has advised J.P. Morgan Securities and Santander US Capital Markets, as initial purchasers, on the issuance by the Republic of Costa Rica of $1.5 billion aggregate principal amount of 6.550% bonds due 2034.

The offering was priced on 27 March 2023 and is expected to settle on 3 April 2023.  The offering was made pursuant to Rule 144A/Regulation S and the bonds are expected to be admitted to trading on the London Stock Exchange’s International Securities Market.

This marks the first issuance under Law 10.332 enacted by the Costa Rican Legislative Assembly in December 2020, which authorises the Ministry of Finance to issue bonds for up to US$5 billion in the international capital markets until December 2025.

Costa Rica intends to use the proceeds of this offering for approved budgetary needs, including the refinancing of Costa Rica’s internal and external indebtedness.

Cleary’s team consisted of partners Jorge Juantorena (pictured left) and Adam Brenneman (pictured right), associate Ignacio Lagos and stagiaire Micaela Mingramm. Counsel Matthew Brigham and associate Adrian Lee advised on U.S. tax matters. All lawyers are based in New York.

L Giselle Estrada

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