Cleary Gottlieb represented the Republic of Chile (Chile) as to U.S. law in its offering of Ps.675 billion 4.5 percent bonds due March 1, 2021, and of Ps.660 billion 5.0 percent bonds due March 1, 2035, which consisted of an offering to the public in Chile and an offer and sale to investors outside of Chile.
Each offer constituted a further issuance of bonds originally offered only in Chile. Joint Book-Running Managers for the international portion of the transaction of Ps. 116,815,000,000 and of Ps.115,295,000,000, respectively, were Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc. Both offerings priced on June 21, 2017 and closed on June 23, 2017. The transaction constituted Chile’s second international offering of Peso denominated bonds governed by Chilean law.
Chile will use the net proceeds of the sale of the bonds for general purposes of the government.