Shearman & Sterling advised BBVA Securities Inc. (“BBVA”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill”) and Morgan Stanley & Co. LLC (“Morgan Stanley”), in the offer to purchase for cash made by the Republic of Uruguay for its Peso-denominated 5.00% global UI bonds due 2018.
Shearman & Sterling also advised BBVA, Merrill and Morgan Stanley as joint bookrunners in connection with the Republic of Uruguay’s Rule 144A and Regulation S issuance of its 9.875% bonds due 2022 for an aggregate principal amount of Ps. 31,147,409,000. This is the Republic of Uruguay’s first peso-denominated bond that is not dollar-linked or inflation-linked and the Republic’s first peso-denominated offering since December 2011.
The net proceeds from the offerings will be used by the Republic of Uruguay for general purposes of the government, including financial investment and the refinancing, repurchase or retiring of domestic and external indebtedness, as well as for liability management transactions.