Juan M. Naveira, Jonathan Cantor and Adam Brenneman

Simpson Thacher and Cleary on $500m Bci Notes issue

Simpson Thacher has advised Banco de Crédito e Inversiones (Bci), and Cleary Gottlieb advised the intermediaries, on the global offering of USD $500m of 8.750% Fixed Rate Perpetual Notes.

The issuance was made under Bci’s USD $6 billion Medium Term Note Programme. The notes were issued pursuant to Rule 144A and Regulation S under the Securities Act of 1933. BNP Paribas Securities, BofA Securities and HSBC Securities (USA) acted as dealers, advised by Carey.

The transaction was priced on 1 February 2024 and closed on 8 February 2024. The notes will be listed on the Luxembourg Stock Exchange and traded on the exchange’s Euro MTF market.

Bci is Chile’s largest commercial bank in terms of total net loans, deposits and assets. It offers a wide range of banking and financial products and services (including commercial, real estate and consumer banking) to individuals, small and medium-sized enterprises and large local and international corporations and institutions in Chile. Bci also provides international banking services through its Miami branch (City National Bank of Florida), and its representative offices in Peru, Brazil, Mexico, Colombia and China.

Carey’s team comprised partners Diego Peralta and Fernando Noriega, and associate José Luis Enberg.

Simpson Thacher’s team included partners Juan M. Naveira (pictured left) and Jonathan Cantor (pictured centre), senior counsel Kirsten L. Davis, associates Jon Vicuña and Michael Slomovics, and international associate José Miguel Colin.

Cleary’s corporate team included partner Adam Brenneman (pictured right), law clerk Mauricio Nieto, and international lawyer Lucia De Miceu. Partner Matthew Brigham and associate Nathaniel Pribil advised on U.S. tax issues. Partner Chase Kaniecki and associate Stephanie Gullo advised on other regulatory matters. All lawyers are based in New York except Chase Kaniecki and Stephanie Gullo, who are based in Washington, D.C.

L Giselle Estrada