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A&O Shearman advises HSBC, Itaú BBA and Santander on the Republic of Uruguay's bond offering and tender offer

A&O Shearman advises HSBC, Itaú BBA and Santander on the Republic of Uruguay's bond offering and tender offer
Published Date
May 17 2024
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A&O Shearman represented HSBC Securities (USA) Inc., Itau BBA USA Securities, Inc, and Santander US Capital Markets LLC as underwriters in connection with the Republic of Uruguay’s (Uruguay) offering of New York law-governed Ps.57.81 billion 3.4% peso-inflation-indexed notes due 2045 and Ps.11.55 billion 9.750% peso-denominated notes due 2033, and as dealer managers in connection with a concurrent global cash tender offer for any and all of Uruguay’s New York law-governed 4.250% peso-inflation-indexed notes due 2027 and 4.375% peso-inflation-indexed notes due 2028.

The offering of the notes and global cash tender offer were made concurrently with a local cash tender offer to purchase certain treasury notes and monetary regulation bills of Uruguay governed by Uruguayan law. Uruguay intends to use a portion of the proceeds of the sale of the notes to pay the purchase price of the existing notes accepted in the tender offers. The balance of the proceeds will be used for general purposes of the government.

The A&O Shearman team was led by Capital Markets partner Alejandro A. Gordano and included Capital Markets associate Gonzalo Robles and visiting attorneys Marcello Pompilio and Moises Gonzalez Arroyo as well as Tax partner Lorenz Haselberger and Tax associates Daniel Kachmar and Gil Shauly.

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