Banco de Crédito e Inversiones’ $500 Million AT1 Offering

Cleary Gottlieb represented BofA Securities Inc., Credit Agricole Securities (USA) Inc., and J.P. Morgan Securities LLC, as dealers, in the Rule 144A/Reg S offering of $500 million 7.5% perpetual AT1 notes, issued by Banco de Crédito e Inversiones (Bci) under its medium-term notes program.

The transaction priced on September 5, 2024, and closed on September 12, 2024. The notes will be listed on the Luxembourg Stock Exchange and traded on the Euro MTF market of the exchange.

Bci is largest commercial bank in Chile in terms of total net loans, deposits, and assets. It offers a wide range of banking and financial products and services (including commercial, real estate, and consumer banking) to individuals, small- to mid-sized companies, and large local and international corporations and institutions in Chile. Bci also provides international banking services through its branch in Miami (City National Bank of Florida) and its representative offices in Peru, Brazil, Mexico, Colombia, and China.