Shearman And Sterling

News April 20, 2018

Republic of Uruguay’s Tender Offer and $1.75 Billion Issuance of Bonds

Shearman & Sterling advised BBVA Securities Inc., Citigroup Global Markets Inc., and HSBC Securities (USA) Inc., on the offer to purchase for cash made by the Republic of Uruguay for its U.S. dollar-denominated 8.000% Global Bonds due 2022, 4.500% Global Bonds due 2024, 6.875% Global Bonds due 2025 and 7.875% Global Bonds due 2033.

Shearman & Sterling also advised BBVA, Citigroup and HSBC as joint bookrunners on the Republic of Uruguay’s SEC-registered bond issuance for an aggregate principal amount of $1.75 billion. The bonds pay interest at a rate of 4.975% per annum due 2055. 

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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