Cleary Gottlieb represents Uruguay on $1.5 billion bond offering
Cleary Gottlieb has advised the Republic of Uruguay in a $1.5 billion bond offering of 5.442% bonds due 2037. The offering was priced on February 6, 2025, and is expected to settle on February 14, 2025.
The bond issuance was conducted concurrently with a cash tender offer to purchase a series of outstanding dollar-denominated notes of Uruguay governed by New York law. The tender offer was announced on February 6, 2025, and is expected to settle on February 11, 2025.
BBVA Securities, Citigroup Global Markets, and J.P. Morgan Securities acted as underwriters in the notes offering and joint dealer managers in the tender offer.
Uruguay plans to use a portion of the proceeds from the sale of the new notes to pay for the purchase price of the existing notes accepted in the tender offer. The remaining proceeds will be allocated for general government purposes.
The Cleary team included partner Juan Giráldez (pictured left), associates Ignacio Lagos and Juan Ignacio Leguizamo, and international lawyer Micaela Mingramm. Partner Matt Brigham (pictured right) and associates Daniel Solecki and Mingyu Tang advised on New York tax matters. Juan Giráldez is based in Sao Paulo, while all other lawyers are based in New York.
