Foley Represents Republic of Paraguay in $500M Sovereign Bond Issuance and Concurrent Tender Offer

Foley & Lardner LLP represented the Republic of Paraguay in its latest sovereign bond issuance and concurrent tender offer, raising $500m through its newly issued 5.850 percent bonds due 2033. 

The offering priced on June 28 and closed July 12. It was launched simultaneously with Paraguay’s offer to purchase for cash certain of its outstanding in international bonds – due 2026 – conducted in a 5-day tender offer structure, which launched on June 28, expired July 5, and closed on July 12.

Paraguay used a portion of the proceeds to pay for the outstanding bonds accepted in the tender offer, and the balance for general government purposes.

The Foley cross-office team was led by Miami partner Federico Goudie and included partners Carrie Long (Tampa) and Raj Tanden (Los Angeles), senior counsel Emma Blumer (New York), and associate Patricia Posada (Chicago). Goudie has counseled Paraguay on its international bond issuances since 2017. 

Citigroup and Itau BBA served as joint book-running managers for the offering and as dealer managers for the tender offer.