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The Republic of Chile - Exchange Offer (US Offer) - Pricing & Results

Updated: Jul 8, 2023

Chile Announces Pricing Terms for its U.S. Dollar-Denominated and Euro-Denominated Exchange Offers

Chile Announces Results of its U.S. Dollar-Denominated and Euro-Denominated Exchange Offers

06 JULY 2023


Full announcement including disclaimers and offer restrictions available via SEC (Source: The Republic of Chile)


"Santiago, Chile: Today, the Republic of Chile (“Chile”) announced the pricing terms in connection with its (i) exchange offers for U.S. dollar-denominated notes announced on June 27, 2023 (the “USD Invitation”), and (ii) exchange offer for Eurodenominated notes announced on June 28, 2023 (the “Euro Invitation” and, together with the USD Invitation, the “Invitations”), all as described below. Capitalized terms used and not defined herein shall have the meaning assigned to them in the USD invitation materials or the Euro invitation materials, as applicable.


Pursuant to the USD Invitation, Chile invited holders of the notes set forth in the second table below (the “USD Eligible


Notes”), subject to certain conditions set forth in the USD invitation materials, to tender USD Eligible Notes in exchange for additional 4.950% Notes due 2036 (the “2036 Notes”) and 5.330% Notes due 2054 (the “2054 Notes” and, together with the 2036 Notes, the “USD New Notes”). Subject to proration, holders that validly tender USD Eligible Notes will receive in exchange for each US$1,000 principal amount of USD Eligible Notes accepted for exchange, the USD New Notes applicable to the relevant Group having a principal amount equal to US$1,000 multiplied by the relevant Exchange Ratio (rounded down to the nearest multiple of US$1.00).


Today, Chile announced the Exchange Ratio for each series of USD Eligible Notes based on its determination of the Eligible Notes Applicable Yield and the New Notes Applicable Yield applicable to each series of USD Eligible Notes and USD New Notes, respectively, as set forth in the tables below."



"Pursuant to the Euro Invitation, Chile invited holders of the notes set forth in the second table below (the “Euro Eligible

Notes” and, together with the USD Eligible Notes, the “Eligible Notes”), subject to certain conditions set forth in the Euro

invitation materials, to tender Euro Eligible Notes in exchange for additional 4.125% Notes due 2034 (the “Euro New Notes” and, together with the USD New Notes, the “New Notes”). Subject to proration, holders that validly tender Euro Eligible Notes will receive in exchange for each €1,000 principal amount of Euro Eligible Notes accepted for exchange, Euro New Notes having a principal amount equal to €1,000 multiplied by the relevant Exchange Ratio (rounded down to the nearest multiple of €1.00).


Today, Chile announced the Exchange Ratio for each series of Euro Eligible Notes based on its determination of the Eligible Notes Applicable Yield and the New Notes Applicable Yield applicable to each series of Euro Eligible Notes and Euro New Notes, respectively, as set forth in the tables below."


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Results


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Exchange Offers for U.S. Dollar-Denominated Notes: Correction of Typographical Errors and Inconsistencies

28 JUNE 2023


Full announcement including disclaimers and offer restrictions available via Luxse (Source: The Republic of Chile)


"Santiago, Chile: On June 27, 2023, the Republic of Chile (“Chile”) published a prospectus supplement (the “Prospectus Supplement”) setting forth the terms of its invitation to holders of each series of Eligible Notes listed on the inside front cover of the Prospectus Supplement to submit offers to exchange them for New Notes (the “Invitation”). Chile is publishing this press release for the convenience of holders of Eligible Notes solely to correct typographical errors and inconsistencies noted in the Prospectus Supplement. Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Prospectus Supplement.


Except as expressly amended hereby to the extent specifically provided herein, all terms of the Invitation contemplated in the Prospectus Supplement and all other disclosures set forth in the Prospectus Supplement remain unchanged and are hereby expressly incorporated into this press release."



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Chile Announces Exchange Offers for U.S. Dollar-Denominated Notes

27 JUNE 2023


Full announcement including disclaimers and offer restrictions available via Prnewswire (Source: The Republic of Chile)


"SANTIAGO, Chile, June 27, 2023 /PRNewswire/ -- Today, the Republic of Chile ("Chile") offered US$1.15 billion 4.950% Notes due 2036 (the "2036 Notes") and US$1.1 billion 5.330% Notes due 2054 (the "2054 Notes" and, together with the 2036 Notes, the "New Notes") for cash (the "New Notes Offering"), and announced the commencement of exchange offers for U.S. dollar-denominated notes (the "Invitation"), all as described below.


Pursuant to the Invitation, Chile is inviting holders of the notes set forth in the table below (the "Group A Notes" and the "Group B Notes", which are collectively referred to herein as the "Eligible Notes"), subject to certain conditions set forth in invitation materials, to tender Eligible Notes in exchange for additional 2036 Notes or 2054 Notes, which, if issued, will be consolidated, form a single series, and be fully fungible with the corresponding series of New Notes offered pursuant to the New Notes Offering. Holders of Group A Notes are invited to submit offers to exchange them for either 2036 Notes or 2054 Notes, and holders of Group B Notes are invited to submit offers to exchange them for 2054 Notes. The aggregate outstanding principal amount of Eligible Notes is approximately US$6.48 billion.


The Invitation will expire at 5:00 p.m., New York City time, on Thursday, July 6, 2023 (the "Expiration Deadline"), unless extended or early terminated by Chile at its sole discretion. Withdrawal rights will expire at the Expiration Deadline. The Invitation's settlement is expected to take place on Wednesday, July 12, 2023 (the "Expected Settlement Date")."



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