Carey advises Cencosud on US$500 million international bond issuance and debt refinancing

Carey | Cencosud successfully executed an international offering of USD 500 million in 5.750% senior unsecured notes due 2036, conducted under Rule 144A and Regulation S. Concurrent with this issuance, the company performed a cash tender offer to acquire its outstanding international notes maturing in 2027.

This transaction, which closed on April 15, 2026, was designed to refinance the 2027 notes, effectively extending Cencosud’s maturity profile and strengthening its financial position. The operation drew significant demand from institutional investors, demonstrating confidence in the company’s credit profile and access to international capital markets.

The legal structuring of this complex, multi-jurisdictional operation—involving Chile and the United States—was executed within a short timeframe, requiring integrated coordination across capital markets, contractual, and tax workstreams.

Carey acted as counsel to the representatives of the initial purchasers and the dealer managers. Davis Polk & Wardwell served as international counsel to the underwriters, while Milbank acted as international counsel to the issuer. Morales & Besa provided local counsel to Cencosud.

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