Paraguay’s $450 Million Offering

Cleary Gottlieb represented Goldman Sachs & Co. LLC, Itaú BBA, and Morgan Stanley, as initial purchasers, in the Republic of Paraguay’s (Paraguay) offering of $450 million 5.4% bonds due 2050.

The transaction consisted of a further issue of Paraguay’s $450 million outstanding 5.4% bonds due 2050, initially issued on February 7, 2019, under Rule 144A/Reg. S, which have been admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.

Principal on the bonds will be amortized in three installments, and the bonds may be redeemed at Paraguay’s option prior to maturity.

The offering launched and priced on January 15, 2020, and closed on January 21, 2020.