Shearman And Sterling

News September 15, 2017

Shearman & Sterling Advises on the Republic of Uruguay’s Tender Offer and Issuance of Peso-Denominated Bonds

Shearman & Sterling advised Deutsche Bank Securities, HSBC Securities (USA),  and Santander Investment Securities, in the offer to purchase for cash made by the Republic of Uruguay for its Peso-denominated 5% global UI bonds due 2018 and 4.25% global UI bonds due 2027 and its U.S. Dollar-denominated 4.5% global US bonds due 2024 and 8% global US bonds due 2022. 

Shearman & Sterling also advised Deutsche Bank, HSBC and Santander as joint-bookrunners on the Republic of Uruguay’s Rule 144A and Regulation S bond issuance for an aggregate principal amount of $U31.6 billion. The bonds pay interest at a rate of 8.5% per annum due 2028. This is the Republic of Uruguay’s second peso-denominated bond offering in 2017 where principal and interest are paid in Uruguayan pesos without an inflation-linked exchange.

The Republic of Uruguay will use the net proceeds from the offerings for the general purposes of the government, including refinancing, repurchase and retirement of domestic and external indebtedness, as well as for liability management transactions.

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