Uruguay’s Ps. 31.1 Billion Debt Offering

June 29, 2017

Cleary Gottlieb represented the Republic of Uruguay in a non-registered 144A/Regulation S offering of Ps. 31.1 billion ($1.1 billion) aggregate principal amount of 9.875 percent peso bonds due 2022.

Joint bookrunners for the transaction were BBVA Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated (ML), and Morgan Stanley & Co. LLC.

Uruguay used a portion of the net proceeds of the 2022 bonds to pay the purchase price for bonds tendered to ML, as billing and delivering bank, under a secondary trade offer to holders of its 5.00 percent UI global bonds due 2018, which was launched simultaneously with the new money offering.

Uruguay used a portion of the 2022 bonds to conduct a local exchange offer with holders of Uruguay’s 13.25 percent series 7 peso notes due 2018.