Cleary in $48bn Uruguay tender offer
Cleary Gottlieb has assisted the República Oriental del Uruguay (Uruguay) in an offer of UYU$48.01 billion pesos in bonds maturing in 2033. The offer was priced on 11 July, while the transaction closed on 20 July.
In addition, the offer was made simultaneously with a public cash tender offer for certain series of outstanding peso-denominated, dollar-denominated and Uruguayan inflation-linked peso-denominated bonds. This offer was launched and settled on 11 and 17 July, respectively.
BofA Securities, Citigroup Global Markets and Itau BBA USA Securities acted as underwriters in the note offering and as joint dealer managers in the tender offer.
Uruguay used a portion of the proceeds from the sale of the new bonds to pay the purchase price of the existing bonds accepted in the tender offer. The remainder will be used for general government purposes.
Cleary’s team included partner Juan Giráldez (pictured), associates Ignacio Lagos and Martin Sasson, and international lawyer Pedro Arango Montes. Counsel Matt Brigham and associates Eugene Wei-En Woo and Nathaniel Pribil advised on NY tax matters. All lawyers are based in New York, except Juan Giráldez who is based in Sao Paulo.
