Government of Bermuda Completes $1.35 Billion Sovereign Bond Offering and Cash Tender
08.25.20
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The Firm recently represented Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc., as initial purchasers and joint dealer managers, in connection with (i) the issuance and sale by the Government of Bermuda of $675 million of its 2.375% Senior Notes due 2030 and $675 million of its 3.375% Senior Notes due 2050, in reliance on the exemptions from registration under Rule 144A and Regulation S, and (ii) the repurchase by the Government of Bermuda of $500 million in aggregate principal amount of its existing 4.138% Senior Notes due 2023, 4.854% Senior Notes due 2024, 3.717% Senior Notes due 2027 and 4.75% Senior Notes due 2029 in a partial cash tender offer.
A portion of the net proceeds from the offering was used to purchase the notes accepted in the partial cash tender offer, with the remainder to be used for general budgetary purposes, including the funding of certain COVID-19-related government measures, the repayment of credit facilities with local banks and contributions to the Government’s sinking fund.
The offering and the partial cash tender offer closed simultaneously and were approved by the Government of Bermuda and managed by the Ministry of Finance.
The Simpson Thacher team for the transaction included Jaime Mercado, Kirsten L. Davis and Alexander González Castillo (Capital Markets); and Jonathan Cantor and Brian Mendick (Tax).