Uruguay in Ps. 48.01 Billion New Money Offering and Tender Offer

July 21, 2023

Cleary Gottlieb represented the Republic of Uruguay (Uruguay) in an offering of Ps. 48.01 billion of notes due 2033.

The offering priced on July 11, 2023, and the transaction closed on July 20, 2023.

The offering of the notes was made concurrently with a cash tender offer to purchase certain series of outstanding Peso-denominated notes, USD-denominated notes, and Peso-inflation-indexed notes of Uruguay. The tender offer launched on July 11, 2023 and settled on July 17, 2023.

BofA Securities, Inc., Citigroup Global Markets Inc., and Itau BBA USA Securities Inc. acted as underwriters in the notes offering and joint dealer managers in the tender offer.

Uruguay used a portion of the proceeds of the sale of the new notes to pay the purchase price of the existing notes accepted in the tender offer. The balance of the proceeds will be used for general purposes of the government.