Chicago, July 17 – The republic of Paraguay sold $500 million of 5.85% bonds due 2033 at 99.989, according to a listing document.
The bonds have make-whole call protection at Treasuries plus 35 basis points, then there is a three-month par call option.
A 40% principal payment will be made on Aug. 21, 2032 with the rest due at maturity.
Citigroup and Itau BBA were the joint bookrunners for the Rule 144A and Regulation S deal.
Proceeds were used for a tender offer, with the balance allotted to general government purposes.
The bonds are listed in Luxembourg.
| Issuer: | Paraguay
|
| Amount: | $500 million
|
| Issue: | Bonds
|
| Maturity: | Aug. 21, 2033
|
| Bookrunners: | Citigroup, Itau BBA
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Foley & Lardner LLP, Parquet & Asociados
|
| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP, Gross Brown
|
| Coupon: | 5.85%
|
| Price: | 99.989
|
| Call features: | Make-whole call at Treasuries plus 35 bps; three-month par call
|
| Trade date: | June 28, 2023
|
| Settlement date: | July 12, 2023
|
| Distribution: | Rule 144A and Regulation S
|
| Cusip: | 699149AM2, P75744AM7
|
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