Shearman & Sterling advised BofA Securities, HSBC Securities (USA), and Santander Investment Securities, as dealer managers in connection with an offer to purchase for cash made by the Republic of Uruguay for its 9.875% Global Peso Bonds due 2022, 8.5% Global Peso Bonds due 2028, 8% Global USD Bonds due 2022 and 4.5% Global USD Bonds due 2024.

Shearman & Sterling also advised BofA Securities, HSBC Securities (USA), and Santander Investment Securities, as joint-book runners on the Republic of Uruguay’s SEC-registered bond issuance for an aggregate principal amount of Ps. 51,332,112,000 8.25% Peso Global Bonds due 2031 and U.S.$574,373,000 4.375% Global U.S. Dollar Bonds due 2031.

The Republic of Uruguay will use the net proceeds from the offerings to partially finance COVID-19 related governmental responses, support Uruguay’s broad social safety net and to implement measures designed to support economic activity and protect vulnerable sectors, with the remainder for general purposes of the government, including financial investment and the refinancing, repurchase or retiring of domestic and external indebtedness.

The Shearman and Sterling team below was supported by Elias Zaga Belzer.

The Team