Government of Jamaica’s J$46.6 Billion Debt Offering and Cash Tender Offer

Cleary Gottlieb represented Citigroup Global Markets Inc. and BofA Securities Inc., as underwriters, in an SEC-registered offering by the government of Jamaica of J$46.6 billion ($300 million) 9.635% notes due 2030, and as joint dealer managers, in a concurrent cash tender offer to purchase Jamaica’s outstanding 7.625% notes due 2025, 9.25% notes due 2025, and 6.75% notes due 2028.

The new notes offering was announced on October 19, 2023, priced on October 31, 2023, and closed on November 3, 2023. Jamaica used a portion of the net proceeds of the sale of the new notes to fund the payment for the notes accepted in its concurrent tender offer, which launched on October 19, 2023, expired on October 27, 2023, and settled on November 3, 2023. Jamaica announced that a total of $237.37 million principal amount of notes were tendered and repurchased as part of the tender offer.

This transaction represents Jamaica’s inaugural offering of Jamaican dollar-linked notes in the international capital markets.