Uruguay in $1.3 Billion New Money Offering and Tender Offer

Cleary Gottlieb represented the Republic of Uruguay (Uruguay) in an offering of $1.3 billion 5.25% bonds due 2060.

The offering priced on September 3, 2024, and settled on September 10, 2024.

The offering of the bonds was made concurrently with a cash tender offer to purchase certain series of outstanding dollar-denominated notes of Uruguay governed by New York law, which was announced on September 3, 2024, and settled on September 9, 2024.

HSBC Securities (USA) Inc., Itau BBA USA Securities Inc., and Santander US Capital Markets LLC acted as underwriters in the notes offering and joint dealer managers in the tender offer.

Uruguay intends to use a portion of the proceeds of the sale of the new notes to pay the purchase price of the existing notes accepted in the tender offer. The balance of the proceeds will be used for general purposes of the government.