Global law firm Clifford Chance has advised BofA Securities, Inc. and J.P. Morgan Securities LLC, as the Initial Purchasers, on a sovereign bond issuance by the Republic of Costa Rica (Costa Rica) of US$1.5 billion aggregate principal amount of 7.3% notes due 2054 (the Notes).
The Notes are expected to trade on the London Stock Exchange’s International Securities Market. The proceeds from the issuance and sale of the Notes will be used by Costa Rica for approved budgetary needs, including the refinancing of domestic and external indebtedness of Costa Rica.
The Clifford Chance team advising the banks on the transaction was led by partner Hugo Triaca, with support from associate Fernando Liu and foreign law clerk Juan Andrés Bosch Muñoz, all based in New York. Tax support was provided by partner Avrohom Gelber and associate Sharon Yu, also based in New York.
Clifford Chance advises on many landmark sovereign and quasi-sovereign transactions in the Latin American market, including on Guatemala’s social bond issuance to fund the country’s response to the COVID-19 pandemic and on Ecuador’s social bond issuance to fund affordable housing.
