On November 28, UTE issued the largest bond offering ever in the Uruguayan securities market for a total amount equivalent to USD 120 million at a term of 15 years with payment of principal in the last three years. The bonds were issued in Uruguayan Pesos adjusted for inflation and with a Fitch rating of AAA (uy), the best available local rating.
The issuance was highly successful, with UTE receiving offers for more than USD200 million and with a very competitive price. The interest rate paid by UTE was 4.50%.
Banco de la República Oriental del Uruguay acted as paying agent, registry agent and representative of bondholders.
The FERRERE team that worked on the issuance was led by Partner Diego Rodríguez, who says: “UTE continues to set the record in the market. The previous long term issuance by UTE was the largest ever made at that time, and now, one year later, UTE has set another record with the now largest public offering of securities ever made in Uruguay. We are very happy to continue assisting UTE in securities offerings in the local market.”