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News Jan 23, 2019

Republic Of Uruguay’s Tender Offer and $1.25 Billion Dollar Issuance of Bonds

Shearman & Sterling advised Itau BBA USA Securities, J.P. Morgan Securities, and Scotia Capital (USA), as dealer managers in connection with an 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, and 4.375% global bonds due 2027.

Shearman & Sterling also advised Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, and Scotia Capital (USA) Inc, as joint-book runners on the Republic of Uruguay’s SEC-registered bond issuance for an aggregate principal amount of $1.25 billion. The bonds pay interest at a rate of 4.375% per annum due 2031.

The Republic of Uruguay will use the net proceeds from the offerings for general purposes of the government, including financial investment and the refinancing, repurchase or retiring of domestic and external indebtedness.

The Shearman & Sterling team below was supported by visiting attorney Gonzalo Paredes.

The Team