Adam Brenneman, Juan M. Naveira and Jonathan Cantor

ST and Cleary on Bci capital increase

Simpson Thacher has advised Banco de Crédito e Inversiones (Bci), and Cleary Gottlieb the dealer managers, on the company’s capital increase through a rights offering to existing shareholders and a subsequent private placement of newly issued shares.

The offering was conducted in the United States pursuant to Rule 801 of the Securities Act of 1933 and outside the United States pursuant to Regulation S under the same Act. The subsequent private placement of unsubscribed ordinary shares was conducted under the exemption provided by Section 4(a)(2) of the US Securities Act of 1933.

Approximately 94.70% of Bci shareholders exercised their subscription rights in the rights offering and Bci raised approximately USD $697.72 million in the transaction.

BofA Securities, J.P. Morgan Securities, Larrain Vial Corredora de Bolsa, and Bci Corredor de Bolsa acted as dealer managers.

Founded in 1937 and headquartered in Chile, Banco de Crédito e Inversiones has grown to become one of Chile’s largest banks, with total assets of around $96 billion. Bci’s broad financial footprint spans the Americas, with operations in the United States and Peru.

Cleary’s team consisted of partner Adam Brenneman (pictured left), law clerk José Juan Vázquez, and international lawyer Lucia de Miceu. All lawyers are based in New York.

Simpson Thacher’s team included partner Juan M. Naveira (pictured centre), senior counsel Kirsten L. Davis, associate Jon Vicuña and Beatriz Pola from the Capital Markets practice; and partner Jonathan Cantor (pictured right) and associate Preston Irace advising on Tax.

L Giselle Estrada