Cleary Gottlieb represented the Republic of Uruguay (Uruguay) in a new money offering of $1.25 billion 4.375% notes due 2031.
The offering priced on January 15, 2019, and closed on January 23, 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 January 15, 2019.
Itau BBA USA Securities Inc., J.P. Morgan Securities LLC, 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.