We advised Bolivia on the transactions

Davis Polk advised the Plurinational State of Bolivia in connection with the issuance of $850 million aggregate principal amount of 7.500% notes due 2030, of which $688.035 million in aggregate principal amount was delivered as payment in connection with Bolivia’s concurrent offers to exchange (as described below) and $161.965 million in aggregate principal amount was purchased by the initial purchasers in a new money offering. The notes were issued pursuant to Rule 144A and Regulation S under the Securities Act.

Davis Polk also advised Bolivia in connection with its offer to purchase for cash and/or exchange any and all of its outstanding 4.875% notes due 2022, 5.950% notes due 2023 and 4.500% notes due 2028. In all, $760.35 million in aggregate principal amount of notes ($443.749 million in aggregate principal amount of the 4.875% notes due 2022 and $316.601 million in aggregate principal amount of the 5.950% notes due 2023) were validly tendered and accepted for purchase and/or exchange.

The Davis Polk corporate team included Manuel Garciadiaz, Drew Glover, Fatima Carrillo and José Miguel Fernández. Alon Gurfinkel and Veronica Davis provided tax advice. Members of the Davis Polk team are based in the New York, Northern California, London and São Paulo offices.

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