BancoEstado in Annual Update of its $2 Billion MTN Program and $200 Million Takedown

May 2, 2013

Cleary Gottlieb represented Banco del Estado de Chile in connection with the annual update of its Luxembourg-registered MTN Program under which, either directly or through its New York Branch, BancoEstado may issue senior unsecured medium term notes of various forms up to $2 billion in the aggregate. Under the MTN Program, Deutsche Bank serves as the arranger and the fiscal agent and, together with more than fifteen other investment banks, a dealer. The annual update was approved by the Commission de Surveillance du Secteur Financier in Luxembourg on May 2, 2013.

On May 10, 2013, BancoEstado completed a takedown, on a Rule 144A/Reg S basis, of $200 million of its 2.00% Senior Notes due 2017. The notes are additional notes that form part of the same series of notes issued by BancoEstado in November 2012. As of the closing of the takedown, the aggregate principal amount of BancoEstado’s 2.00% Senior Notes due 2017 was $700 million. The initial purchasers of the notes were Citigroup, Deutsche Bank, HSBC and J.P. Morgan.

Banco del Estado de Chile is wholly owned by the Republic of Chile and is one of the oldest financial institutions in Chile, with its predecessor starting operations in 1855. Banco del Estado de Chile is also one of the largest financial institutions in Chile in terms of aggregate loans, number of customers and geographic coverage. In 2005, Banco del Estado de Chile opened its New York branch to better serve cross-border needs of its corporate and public-sector customers.