J.P. Morgan and Bank of America Merrill Lynch in Debt Offering by the Republic of Paraguay

Cleary Gottlieb represented J.P. Morgan and Bank of America Merrill Lynch, as initial purchasers, in connection with the Republic of Paraguay’s $280 million reopening of its 4.625% Bonds due 2023, which closed on April 30, 2015. The offering was made on a Rule 144A/Regulation S basis and the Bonds have been admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.

This transaction is the Republic’s third international offering. Paraguay issued $500 million of its 4.625% Bonds due 2023 in January 2013 and $1.0 billion of its 6.100% Bonds due 2044 in August 2014. Cleary Gottlieb also represented the initial purchasers in the prior two issuances.

Paraguay intends to use the net proceeds to finance infrastructure and capital expenditures and to refinance a portion of its outstanding debt.