Simmons advised the government of San Marino on the tender offer addressed to bondholders of its very first bonds – issued in 2021 for a total nominal amount of approximately €290 million. Separately, the firm has also advised the Republic of San Marino on its second government bonds, issued in May 2023, for a total amount of €350 million.
The new bonds will mature on 19 January 2027 and offer 6.5% rate of return – with their proceeds used in part to repurchase the instruments under tender offer. Aimed exclusively at professional investors, the new bonds are listed on the Luxembourg Stock Exchange's Euro MTF market, and represent a complex and unprecedented transaction for the Republic of San Marino.
Goldman Sachs acted as Dealer Manager under the tender offer, as well as Lead Manager under the new bond issue.
The Simmons team was led by financial markets partners Paola Leocani and Charles Hawes with support from Ilaria Barone and Victoria So.
Commenting on the matter, Paola said: “It has been a pleasure to offer advice to the Republic of San Marino on this new transaction. This was a complex deal, but one that our well-integrated multi-jurisdictional team was delighted to work on. This issuance once again confirms our leading position in the Debt Capital Markets practice as well as in sovereign transactions.”