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News Jan 21, 2016

Shearman & Sterling Advises on Republic of Chile’s Notes Offerings and “Switch” Tender Offer

Shearman & Sterling represented Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc. as underwriters in the Republic of Chile’s issuance of  US$1,349,122,000, 3.125% notes due 2026 and €1,200,000,000, 1.750% notes due 2026.  The offerings were made in an SEC-registered transaction and occurred contemporaneously with a “switch tender” invitation to holders of specified outstanding series of Chile’s notes, whereby such holders were offered the right to purchase these notes, with preference given to holders who agreed to purchase Chile’s new notes.

The Shearman & Sterling team included partner Stuart Fleischmann, counsel Grissel Mercado and associates Flavio Averbug and Sean Dougherty (all New York-Capital Markets).