Clifford Chance advises on US$1.575 billion sovereign bond offering and related tender offer by the Republic of Suriname

Global law firm Clifford Chance has advised BofA Securities, as sole initial purchaser on the Republic of Suriname’s US$1.575 billion sovereign bond offering and as dealer manager in a related tender offer. The bonds were issued in two series consisting of (i) a US$525 million offering of 7.70% Notes due 2030 and (ii) a US$1.05 billion offering of 8.50% Notes due 2035, both listed on the Luxembourg Stock Exchange.

Suriname will use the net proceeds to (i) repurchase approximately US$420 million of its 7.95% Cash/PIK Notes due 2033 that were tendered and accepted in the tender offer and redeem the remaining 2033 Notes outstanding following the tender offer; (ii) pay debt service on the Notes issued pursuant to the offering, and (iii) retire a portion of Suriname’s Oil-Linked Securities via an optional payment. Suriname may also use a portion of the proceeds to prepay certain of its bilateral debt obligations.

The team on this transaction included partners Jonathan Zonis and Hugo Triaca, supported by associates Alexandra Machado and Joyce Moore and foreign law clerk Natalie Jana Deradi.

Clifford Chance advises on many sovereign and quasi-sovereign transactions in the region, including recently on the City of Bogotá’s US$600 million green bond issuance.