7 July, 2017 Chile

Cleary, Morales & Besa and PPU in multi-currency Chile debt taps

Banking, Finance and Capital Markets

Cleary Gottlieb Steen & Hamilton LLP in New York and Buenos Aires and Chilean firm Morales & Besa have helped the Republic of Chile make four bond offerings in three currencies.

The first two peso-dominated issuances totaled 232 billion pesos (US$349 million). The first offering closed on 21 June, and the second on 23 June.

Citigroup, Merrill Lynch, Pierce, Fenner & Smith and Santander were bookrunners and enlisted Philippi Prietocarrizosa Ferrero DU & Uría (Chile). They are also thought to have worked with Shearman & Sterling LLP, but this could not be confirmed prior to publication.

Chile made another US$1.5 billion offering, which closed on 21 June, and a fourth issuance of 700 million euros (US$795 million), which closed on 20 June. Joint bookrunners for the offerings were Citigroup, Goldman Sachs, HSBC and JP Morgan, which worked with PPU in Santiago.

Chile will use the net proceeds of the sale of the bonds for general governmental purposes.

Chile issued US$2.65 billion worth of sovereign bonds in 2016. Cleary, Morales & Besa, Shearman & Sterling and Philippi Prietocarrizosa Ferrero DU & Uría (Chile) were all retained.

Counsel to the Republic of Chile

Cleary Gottlieb Steen & Hamilton LLP

Partners Andrés de la Cruz and Erika Nijenhuis and associate Julian Cardona in New York and international lawyers Francisco Cravero and Santiago Achurra in Buenos Aires

Morales & Besa
Partner Guillermo Morales and associates Ignacio Menchaca, Jaime Rosso, Vicente Valdés and María José Rojas in Santiago

Counsel to Citigroup, Merrill Lynch, Pierce, Fenner & Smith, Goldman Sachs, Santander Investment Securities, HSBC and JP Morgan

Philippi Prietocarrizosa Ferrero DU & Uría (Chile)
Partner Marcelo Armas and associates Marcela Silva, Daniel Parodi, Isidora Edwards, Vicente Vergara and Benjamin Cuevas in Santiago

Source: Latin Lawyer

Link to publication