Chile in $1.42 Billion Debt Offering and Tender Offer

Cleary Gottlieb represented the Republic of Chile (Chile) in an SEC-registered offering of $1.42 billion 3.5% notes due 2050.

Joint lead managers and bookrunners for the 2050 notes were BNP Paribas Securities Corp., Citigroup Global Markets Inc., and HSBC Securities (USA) Inc. The offering of the 2050 notes priced on June 17, 2019, and closed on June 25, 2019.

Chile used a portion of the net proceeds of the 2050 notes to pay the purchase price for bonds tendered to Citigroup Global Markets Inc., as billing and delivering bank, under an intra-day secondary trade tender offer launched simultaneously with the announcement of the 2050 notes. Chile also announced that it intends to invest an amount equal to the proceeds from the sale of the 2050 notes into projects that may qualify as “eligible green expenditures” under Chile’s Green Bond Framework, making this the first green debt offering by Chile.