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News Jul 10, 2020

Republic of Uruguay’s Tender Offer and Bond Issuance

Shearman & Sterling advised Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Itau BBA USA Securities, Inc., as dealer managers in connection with an offer to purchase for cash made by the Republic of Uruguay for its 4.250 percent Global UI Bonds due 2027, 4.375 percent Global UI Bonds due 2028 and 4.000 percent Global UI Bonds due 2030.

Shearman & Sterling also advised Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Itau BBA USA Securities, Inc., as joint-book runners on the Republic of Uruguay’s SEC-registered bond issuance for an aggregate principal amount of $400 million 4.375 percent bonds due 2031 and Ps.68,505,600,000 (equivalent to $1.6 billion) 3.875 percent UI Global Bonds due 2040.

The Republic of Uruguay will use the net proceeds from the offerings to partially finance the implementation of measures designed to support economic activity, employment and protect vulnerable sectors, including COVID 19-related government response through Uruguay’s broad social safety net and the remainder for general purposes of the government, including financial investment and the refinancing, repurchase or retiring of domestic and external indebtedness.

The team below included visiting attorneys Sofia Gallo and Miguel Torres Caro.

The Team

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