Republic of the Philippines’ $2 Billion Bond Offering and Tender Offer
March 1, 2017
Cleary Gottlieb represented the joint bookrunners Citigroup, Credit Suisse, Deutsche Bank, Standard Chartered Bank and UBS in an SEC-registered offering by the Republic of the Philippines of $2 billion of 3.70 percent global bonds due 2042.
Cleary also represented the joint dealer managers Citigroup, Credit Suisse, Deutsche Bank, Standard Chartered Bank and UBS in the concurrent accelerated tender offer for 14 series of the Philippines’ outstanding U.S. dollar-denominated bonds maturing between 2019 and 2037. The transactions closed on February 2, 2017, and the bonds were listed on the Luxembourg Stock Exchange. The new bond offering was a take-down from the Philippines’ shelf registration statement under Schedule B.
The tender offer is part of a broader liability management program by the Philippines aimed at reducing the percentage of its overall liabilities denominated in foreign currencies, extending maturities and reducing costs.