Clifford Chance acts on $1bn issuance and tender offer by El Salvador
Clifford Chance has acted as advisor to BofA Securities, Inc. (i) as initial purchaser, in connection with the offering by the Republic of El Salvador (El Salvador) of $1 billion aggregate principal amount of 9. 650% Notes due 2054 (the New Notes), and (ii) as dealer manager, in connection with the tender offer by the Republic of El Salvador. 650% Notes due 2054 (the New Notes), and (ii) as dealer manager, in connection with a concurrent tender offer directed to holders of the outstanding El Salvador 6.375% Notes due 2027, 8.625% Notes due 2029, 9.250% Notes due 2030, 8.250% Notes due 2032 and 7.625% Notes due 2034.
El Salvador used a portion of the proceeds from the offering of the New Notes to finance the repurchase of the notes offered in the public offering, and the remaining proceeds to pay direct obligations of the Ministry of Finance in accordance with El Salvador’s approved budget.
This transaction was part of El Salvador’s broader program to proactively manage its debt and support sustainability and conservation efforts in the country.
Clifford Chance’s team advising on the transaction was led by partner Hugo Triaca (pictured) and included associates Joyce Moore and Alexandra Machado, and foreign counsel Juan Andrés Bosch.
