Dentons Larraín Rencoret assisted Chilean Banco de Crédito e Inversiones –one of the largest commercial bank in Chile- in the issue and placement of USD$633,000,000, medium term notes due 2026 and 2031. The deal was closed on October 14th, 2021.

Dentons Chile worked together with Simpson Thacher & Bartlett LLP (NY, United States) in an international bond offer for a total amount of USD$633 MM divided in two issuances. A USD$500 MM first tranche with a fixed rate of 2,875% due on 2031, and a second one for an amount of USD$133 MM with a fixed rate of 1,885% due on 2026.

The notes due 2031 were issued by the Chilean bank under its US$4 billion medium-term note program and pursuant to Rule 144A and Regulation S under the U.S. Securities Act. The notes are listed on the Luxembourg Stock Exchange. The bonds maturing in 2026 were issued pursuant to Regulation S and are listed on the Luxembourg and Taipei stock exchanges.

Felipe Rencoret, partner, led the transaction from Chile, assisted by associate Paula Alarcón.

Bci is the largest commercial bank in Chile in terms of total net loans and deposits and the second largest in terms of assets.