Jamaica $2 billion sovereign bond issue

Overview:

• The government of Jamaica has issued $2 billion in sovereign bonds.
• The offer includes $1.35 billion of 6.75% bonds due in 2028 and $650 million of 7.875% bonds due in 2045.
• A bulk of the funds will be used to pay debt owed to PDVSA, Venezuela's state-owned oil company.
• Bank of America Merrill Lynch and Citigroup acted as book-runners.
• Paul Hastings (Cathleen McLaughlin) advised the issuer alongside D’Empaire Reyna (Fulvio Italiani) as Venezuela counsel.
• Gibson Dunn & Crutcher (Kevin Kelley, Gina Santino, Hae Cheong Chang, Romina Weiss) and Patterson Mair Hamilton (Trevor Patterson, Roumelia Pryce and Dane Patterson)  advised the underwriters.

Rani Mehta - Journalist - Latin America