Cleary advises Uruguay on new $1.3bn offering
Cleary Gottlieb has advised the Oriental Republic of Uruguay (Uruguay) on a USD $1.3bn 5.250% bond offering due 2060. The offering was priced on September 3 and settled on September 10.
The bond offering was made simultaneously with a cash tender offer for certain series of Uruguayan dollar notes governed by New York law, which was announced on September 3 and settled on September 9.
HSBC Securities (USA), Itau BBA USA Securities and Santander US Capital Markets acted as underwriters in the note offering and as joint dealer managers in the tender offer.
Uruguay intends to use a portion of the proceeds from the sale of the new notes to pay the purchase price of the existing notes accepted in the tender offer. The remaining proceeds will be used for general government purposes.
Cleary team included partner Juan Giráldez (pictured), associate Ignacio Lagos, and law clerk Juan Ignacio Leguízamo. Partner Matt Brigham and associates Daniel Solecki and Mingyu Tang advised on New York tax matters. Juan Giráldez is based in Sao Paulo, and all other lawyers are based in New York.
