Cleary and Simpson Thacher on Bci’s Notes offering
Simpson Thacher has advised Banco de Crédito e Inversiones (Bci), and Cleary Gottlieb has advised the intermediaries, on a global offering of USD $500 million of 7.500% Fixed Rate Perpetual Notes under Bci’s USD $6 billion Medium Term Note Program.
The notes were issued pursuant to Rule 144A and Regulation S under the Securities Act of 1933.
The transaction was priced on September 5, 2024 and closed on September 12, 2024. The notes will be listed on the Luxembourg Stock Exchange and traded on the Exchange’s Euro MTF market.
Bank of America Securities Inc, Credit Agricole Securities (USA) Inc, and J.P. Morgan Securities LLC, acted as intermediaries.
Bci is Chile’s largest commercial bank in terms of total net loans, deposits and assets. It offers a wide range of financial products and services to individuals, small and medium-size companies and large corporations and local and international institutions in Chile. Bci also offers international banking services through its Miami branch (City National Bank of Florida) and representative offices in Peru, Brazil, Mexico, Colombia and China.
Simpson Thacher’s team consisted of partners Juan M. Naveira (pictured centre, right) and Jonathan Cantor (pictured right), associates Jon Vicuña, Michael Slomovics and Jiha Min and international associate Matias Allende.
Cleary’s corporate team included partners Adam Brenneman (pictured left) and Jonathan Mendes de Oliveira (pictured centre, left) and law clerks Mauricio Nieto and Arlene Lopez. Partner Matt Brigham and associate Kathy Zhang advised on U.S. tax matters.
