Linklaters Advises Underwriters & Deal Managers in Republic of Uruguay’s Bond Offering and Cash Tender Offer

Linklaters represented BofA Securities, Inc., Citigroup Global Markets Inc. and Itau BBA USA Securities, Inc. in connection with an SEC-registered offering of Ps. 48.01 billion (US$1.27 billion) of notes due 2033 by the Republic of Uruguay.  The transaction closed on July 20, 2023.  The offering of the notes was made concurrently with a cash tender offer to purchase certain series of outstanding peso-denominated notes, USD-denominated notes, and peso-inflation-indexed notes of the Republic of Uruguay. The tender offer settled on July 17, 2023.

The Republic of Uruguay used a portion of the proceeds of the sale of the 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.

The Linklaters team was led by partner Conrado Tenaglia and counsel Alejandro Gordano, alongside partner Gabriel Grossman (Tax), and associates Juan Mata, Monica Perez Banuet, Mario Lercari and Matthew Russo (Tax).