Uruguay in $1.5 Billion Offering and Tender Offer

Cleary Gottlieb represented the Republic of Uruguay (Uruguay) in an offering of $1.5 billion 5.442% bonds due 2037.

The offering priced on February 6, 2025, and is expected to settle on February 14, 2025.

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 February 6, 2025, and is expected to settle on February 11, 2025.

BBVA Securities Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities 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.