Arnold & Porter Advises El Salvador on $1 Billion Note Issuance

Arnold & Porter played a key role in advising the Republic of El Salvador in connection with an offering of US$1 billion in aggregate principal amount of its 9.650% Notes due 2054, offered and sold pursuant to Rule 144A for sales to qualified institutional buyers and Regulation S for sales outside the U.S.

The offering closed on November 21, 2024. The newly issued notes were listed on the Luxembourg Stock Exchange.

El Salvador also held a concurrent tender offer for its outstanding 6.375% Notes due 2027, 8.625% Notes due 2029, 9.250% Notes due 2030, 8.250% Notes due 2032, and 7.625% Notes due 2034. The tender offer settlement occurred on November 25, 2024. The Republic repurchased $238,808,000 of the 2027 Notes as a result of the tender offer.

The Arnold & Porter team was led by partner Whitney Debevoise and counsel Arturo Caraballo and included partner David Sausen and associates Alexa Fessler, Valentina Garzon, and Lauren Hoepfner.