Metro de Santiago Notes Offering and Cash Tender Offer

Davis Polk advised the initial purchasers in connection with the offering by Empresa de Transporte de Pasajeros Metro S.A. (Metro de Santiago) of $1.5 billion aggregate principal amount of notes. The offering consisted of $500 million aggregate principal amount of its 3.650% notes due 2030 and $1 billion aggregate principal amount of its 4.700% notes due 2050. The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S. Davis Polk also advised the dealer managers in connection with the tender offer by Metro de Santiago to purchase any and all of its outstanding 4.750% notes due 2024.

Metro de Santiago is 100% owned by the Government of Chile and is the sole operator of the subway system in the metropolitan region of Santiago, Chile.

The Davis Polk corporate team included partner Maurice Blanco and counsel Katia Brener Counsel Ethan R. Goldman and associate Talya Presser advised on U.S. tax matters. All members of the Davis Polk team are based in the New York office.