Uruguay in $1.06 Billion Offering and Switch Tender Offer

October 2, 2019

Cleary Gottlieb represented the Republic of Uruguay (Uruguay) in an offering of $216.97 million 4.375% notes due 2031 and $837.58 million 4.975% notes due 2055.

The transaction consisted of a further issue of Uruguay’s $1.25 billion outstanding 4.375% notes due 2031, initially issued on January 23, 2019, and $1.75 billion outstanding 4.975% notes due 2055, initially issued on April 20, 2018. The offering priced on September 24, 2019, and closed on October 2, 2019.

The notes offering was made concurrent with an offer to purchase, for cash, certain series of outstanding bonds of Uruguay, which launched and expired on September 24, 2019.

Goldman Sachs & Co. LLC, Santander Investment Securities Inc., and Scotia Capital (USA) Inc. acted as underwriters for the notes offering and joint dealer managers for the tender offer.

Uruguay used a portion of the net proceeds of the sale of the notes to pay the purchase price of outstanding bonds accepted in the tender offer. The remaining proceeds will be applied to general purposes of the government, including financial investment and the refinancing, repurchase, or retiring of domestic and external indebtedness.