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News Sep 18, 2019

Government of Jamaica’s Tender Offer and $815 Million Bond Issuance

Shearman & Sterling advised BofA Securities, Inc. and Citigroup Global Markets Inc., as dealer managers, in connection with an offer to purchase for cash made by the Government of Jamaica for its U.S. dollar-denominated 11.625 percent notes due 2022, 9.250 percent notes due 2025, 7.625 percent notes due 2025 and 6.750 percent notes due 2028 (the “tender offer”).

Shearman & Sterling also advised the banks as joint lead managers and joint bookrunners on the Government of Jamaica’s reopening of $815 million aggregate principal amount of its SEC-registered 7.875 percent notes due 2045.

The Government of Jamaica used a portion of the net proceeds from the bond issuance to fund the payment for notes accepted in the tender offer and intends to use the remaining net proceeds for general budgetary purposes.

The Shearman & Sterling team below included tax associate Ahuva Weinreich and visiting attorney Marcos Linares.

The Team