Linklaters Advises the Republic of Chile on SEC-Registered Exchange Offers

Linklaters advised the Republic of Chile in connection with its SEC-registered offers to exchange approximately (i) $6.48 billion of U.S. dollar-denominated debt securities for either its U.S. dollar-denominated 4.950% Notes due 2036 (the “2036 Notes”) or U.S. dollar-denominated 5.330% Notes due 2054 (the “2054 Notes”), and (ii) €4.95 billion of euro-denominated debt securities for its Euro-denominated 4.125% Notes due 2034 (the “2034 Notes”). 

In connection with the U.S. dollar exchange offers, the aggregate principal amount of 2036 Notes issued in exchange for eligible debt securities tendered and accepted was $499,852,623, and the aggregate principal amount of 2054 Notes issued in exchange for eligible debt securities tendered and accepted was $381,658,578.

In connection with the euro exchange offer, the aggregate principal amount of 2034 Notes issued in exchange for eligible debt securities tendered and accepted was €425,688,963.

Each series of new notes issued in the exchange offers included a gender-related key performance indicator and will be consolidated and be fully fungible with the respective series of notes issued for cash by the Republic of Chile on July 5, 2023. 

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