Uruguay’s $1.75 Billion Offering

April 20, 2018

Cleary Gottlieb represented the Republic of Uruguay in a new money offering of $1.75 billion 4.975 percent notes due 2055.

The offering priced on April 12, 2018, and closed on April 20, 2018. 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 April 12, 2018. BBVA Securities Inc., Citigroup Global Markets Inc., and HSBC Securities (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.