Chile in €1.96 Billion Offering and Tender Offer

January 29, 2020

Cleary Gottlieb represented the Republic of Chile (Chile) in an SEC-registered offering of €693,685,000 0.83% notes due 2031 and €1,269,017,000 1.25% notes due 2040.

The 2031 notes constitute a further issuance of, and are consolidated, form a single series, and are fully fungible with Chile’s outstanding 0.83% notes due 2031 issued in an aggregate principal amount of €861 million on July 2, 2019.

BNP Paribas, Société Générale, and Santander S.A. – London Branch acted as joint lead managers and bookrunners for the offering. The offering of the notes priced on January 21, 2020, and closed on January 29, 2020.

Chile used a portion of the net proceeds of the notes to pay the purchase price for bonds tendered to Société Générale, as billing and delivering bank, under an intraday secondary trade tender offer launched simultaneously with the announcement of the notes. Chile also announced that it intends to invest an amount equal to the proceeds from the sale of the notes into projects that may qualify as “eligible green expenditures” under Chile’s green bond framework, making this the fourth green debt offering by Chile.