Morales & Besa advised the Republic of Chile in a new issuance and purchase offer of bonds

May 22, 2019

Morales & Besa successfully advised the Republic of Chile represented by the Ministry of Finance in connection with a further issuance, each governed by Chilean law and payable in Chilean pesos (Original Bonds).

The Republic offered the additional issuance of each series of the Original Bonds in a reopening transaction in a global offering inside and outside Chile. A part of these were offered to one or more institutional investors outside of Chile, including in the United States and elsewhere.

The Bonds were issued and created in dematerialized form and registered in book-entry form at the central securities depositary in Chile, Depósito Central de Valores S.A., Depósito de Valores and listed for trading on the Santiago Stock Exchange.

Simultaneously, the Republic of Chile made an offer to purchase for cash from holders of certain outstanding bonds, on the terms and subject to the conditions set forth in the offer to purchase dated May 8, 2019.

Itau BBA USA Securities, Inc., Santander Investment Securities Inc. and Scotia Capital (USA) Inc. served as initial purchasers in the Offering and dealer managers in the Cash Tender Offer.

The team of Morales & Besa that participated in this transaction was led by partner Guillermo Morales with senior associates Jaime Rosso (Tax) and Josefa Rodríguez (Capital Markets).

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