Government of Bermuda Completes $500 Million Sovereign Bond Offering and Cash Tender
07.22.22
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The Firm recently represented Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc., as initial purchasers and dealer managers, in connection with (i) the issuance and sale by the Government of Bermuda of $500 million of its 5% Senior Notes due 2032, in reliance on the exemptions from registration under Rule 144A and Regulation S, and (ii) the repurchase by the Government of Bermuda of approximately $160 million in aggregate principal amount of its existing 4.138% Senior Notes due 2023, in a cash tender offer.
A portion of the net proceeds from the offering was used to purchase the notes accepted in the cash tender offer, with the remainder to be used to repay other existing financings.
The offering and the 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, Juan Francisco Méndez, Kirsten L. Davis and Juan Pablo Guzman (Capital Markets); and Jonathan Cantor (Tax).