Chile in $1.65 Billion Offering

Cleary Gottlieb represented the Republic of Chile (Chile) in an SEC-registered offering of $750 million 2.55% notes due 2032 and $900 million 3.5% notes due 2050.

The 2050 notes constitute a further issuance of, and are consolidated, form a single series, and are fully fungible with Chile’s outstanding 3.5% notes due 2050 issued in an aggregate principal amount of $1,418,357,000 on June 25, 2019.

Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., and J.P. Morgan Securities LLC acted as joint lead managers and bookrunners for the offering. The offering of the notes priced on January 22, 2020, and closed on January 27, 2020.

Chile announced that it intends to invest an amount equal to the proceeds from the sale of the notes into projects that may qualify as “eligible green expenditures” under Chile’s green bond framework, making this the third green debt offering by Chile.