Shearman And Sterling

News July 17, 2020

The Republic of El Salvador’s $1 Billion Notes Offering

Shearman & Sterling represented Santander Investment Securities Inc. and Scotia Capital (USA) Inc., as joint lead managers and joint bookrunners, in connection with the Republic of El Salvador’s Regulation S/Rule 144A offering of $1 billion aggregate principal amount of 9.500 percent notes due 2052. The notes will be used by the Republic for general budgetary purposes, funding the Fondo de Emergencia y de Recuperación y Reconstrucción Económica, the national fund aimed at addressing the government’s COVID-19 relief and recovery efforts and for the creation of a trust for the economic recovery of enterprises registered as employers in the ISSS and informal enterprises and industries that were affected by the COVID-19 outbreak and related shut down.

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