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Uruguay launches brief cash tender offer for three global bonds
By Mary-Katherine Stinson
Lexington, Ky., Oct. 20 – Uruguay launched a cash tender offer for three series of global bonds, according to a Thursday press release.
The offer launched Oct. 20 at 8 a.m. ET and will expire the same day at 12 p.m. ET for non-preferred tenders and at 2 p.m. ET for preferred tenders.
Specifically, Uruguay is offering to purchase the following:
• 4˝% global bonds due 2024 (ISIN: US760942AZ58), out of which $673,077,931 are outstanding, for a total consideration of $1,001.25 per $1,000 principal amount;
• 4 3/8% global bonds due 2027 (ISIN: US760942BB71), out of which $1,527,225,004 are outstanding, for a total consideration of $980 per $1,000 principal; and
• 4 3/8% global bonds due 2031 (ISIN: US917288BK78), out of which $2,441,342,673 are outstanding, for a total consideration of $938.75 per $1,000 principal.
The maximum purchase amount for each series is still to be determined by Uruguay.
Accrued interest will be paid on two of the series of bonds, the 2024 bonds and the 2031 bonds. Accrued interest will not be paid on the 2027 bonds since Uruguay will pay interest on those bonds on the settlement date.
Settlement is expected for Oct. 27.
The offer is conditioned on the pricing, but not the closing, of Uruguay’s new dollar-denominated global bonds due 2034. Pricing terms are expected to be announced at or around 4 p.m. ET on Oct. 20.
Bondholders who tender their bonds prior to the new bonds pricing and express interest in the new bonds will receive priority.
The tender offer is subject to proration.
Credit Agricole Securities (USA) Inc. (866 807-6030, 212 261-7802), J.P. Morgan Securities LLC (866 846-2874, 212 834 7279), HSBC Securities (USA) Inc. (888 HSBC-4LM, 212 525-5552) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are the dealer managers.
Morrow Sodali International LLC (203 609 4910, +44 20 4513 6933, uruguay@investor.morrowsodali.com, https://projects.morrowsodali.com/ Uruguay) is the information agent.
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