Cleary Dominates in YTD LatAm Bonds Issuances
October 13, 2016
- The Republic of Argentina in various financings that permitted the closure of the holdout “pari passu” litigation related to the sovereign’s restructuring, including debt offerings totaling over $19 billion. These debt offerings, which included liability management transactions, marked the sovereign’s return to the international capital markets after a 15-year absence.
- Petrobras Argentina in its $500 million debt offering and $300 million concurrent cash tender offer, which were a prerequisite for the closing of Pampa Energia’s acquisition of the company. Cleary also advised Pampa in the acquisition financing.
- Three Argentine provinces in their international debt offerings totaling over $2.7 billion:
- Province of Chaco in its $225 million debut international debt offering.
- Province of Buenos Aires in its $1.25 billion Rule 144A/Reg S debt offering and $1 billion 144A/Reg S debt offering.
- Province of Neuquen in its $235 million Rule 144/Reg S debt offering and concurrent exchange offer.
- The Federative Republic of Brazil in its SEC-registered $1.5 billion bond offering. This marked the first time Cleary has acted as counsel to the sovereign in the international capital markets.
- Petrobras in its $6.75 billion bond offering and $3 billion bond reopening and concurrent liability management transactions.
- Suzano Austria and Suzano Papel e Celulose in a $500 million debt offering.
- Vale in debt offerings totaling over $2.25 billion, marking its return to the capital markets after a four-year absence.
- The Republic of Chile in its $1.35 billion and €1.2 billion debt offerings and concurrent secondary trade tender offer.
- Gildemeister in a $700 million exchange offer to restructure the company’s debt.
- The Dominican Republic in its Rule 144A/Reg S bond offerings totaling over $1.5 billion.
- Pemex in its $4 billion Rule 144A/Reg S debt offering and concurrent $1.6 billion tender and exchange offers.
- The Mexico City Airport $2 billion green bond, the largest-ever green bond in Latin America.
- América Móvil in its €1.5 billion SEC-registered debt offering.
- The Republic of Uruguay in numerous bond offerings in 2016 with an aggregate value of over $2.8 billion.