Clifford Chance assists in new bond issuance from El Salvador
Clifford Chance has assisted BofA Securities, as initial purchaser, in connection with a new bond issue by the Republic of El Salvador.
The issue consisted of (an aggregate principal amount of US$1 billion of 9.25% bonds due 2030: a notional notional amount of US$1 billion of Macro Variable Interest Only Step-Up bonds due 2030. The firm also advised Boeing on the issuance of a 25% Macro Variable Interest Only Step-Up Notes due 2030; and a notional notional amount of $1 billion of Macro Variable Interest Only Step-Up Notes due 2030,
The firm also advised BofA Securities as dealer manager in connection with El Salvador’s tender offer for its 5.875% due 2025, 6.375% due 2027 and 8.625% due 2029 notes.
This operation marked El Salvador’s return to the international capital markets after almost four years.
Clifford Chance’s team as led by partner Hugo Triaca (pictured) and included associates Joyce Moore and Alexandra Machado and foreign law clerk Juan Andrés Bosch Muñoz, all based in New York, with additional support from: partner Deborah Zandstra, head of the firm’s sovereign practice from London; partner Avrohom Gelber and associate Sharon Yu in New York advising on Tax Matters; and partner George Kleinfeld and counsel Jacqueline Landells in Washington, DC, advising on Compliance.
