Jorge Juantorena

Cleary assists in Chile’s $1.7bn debt offering

Cleary Gottlieb has represented the underwriters in the SEC-registered offering by the Republic of Chile (Chile), advised by Shearman & Sterling, of $1.7bn of 4.850% US dollar-denominated notes due 2029.

The offering of the notes was launched and priced on 17 January 2024 and closed on 22 January 2024. BofA Securities, HSBC Securities (USA), J.P. Morgan Securities LLC (JPM) and SG Americas Securities (Société Générale) acted as underwriters.

Chile intends to invest an amount equal to the net proceeds from the sale of the notes to finance budgetary programmes that qualify as “eligible social expenditures” under its sustainable bond framework, which includes expenditures in one or more of the following categories: support for the elderly or persons with special needs in vulnerable situations, support for low-income families, support for victims of human rights, community support through job creation, access to affordable housing, access to education, food security, access to essential health services, and social programmes aimed at preventing and/or alleviating unemployment resulting from socio-economic crises.

Shearman & Sterling’s team comprised partners Alejandro Gordano and Lorenz Haselberger, and associates Gonzalo Robles and Daniel Kachmar.

Cleary’s team included partner Jorge Juantorena (pictured) and associates Ignacio Lagos and Rodrigo Lopez Lapeña. Partner Matthew Brigham, associate Daniel Solecki, and law clerk Adam Girts advised on New York tax matters. All lawyers are based in New York.

L Giselle Estrada