By Marisa Wong
Madison, Wis., June 10 – The Oriental Republic of Uruguay announced it has begun a cash tender offer to purchase bonds from seven series up to a maximum purchase amount.
The seven series of bonds are listed in the table below.
The purchase price for each series of bonds will be a fixed price for the fixed price bonds and a purchase price based on a fixed spread for the fixed spread bonds, as listed in the table.
The tender offer is not conditioned on any minimum participation of any series of existing bonds but is conditioned on the offering and pricing of a new series of dollar-denominated bonds due 2050.
The tender period began at 8 a.m. ET on June 10 and expires at 4 p.m. ET on the same day.
Settlement of the tender offer is scheduled to occur on June 17.
Tenders must be of principal amounts of at least $100,000 and integral multiples of $1.00 or $1,000 in excess of that, as the case may be depending on the minimum denominations of each series of bonds.
If the total purchase price exceeds the maximum purchase amount, proration will apply with preference given to tender orders submitted by holders who place firm orders for the new bonds due 2050 prior to their pricing.
The dealer managers for the tender offer are HSBC Securities (USA) Inc. (attn.: global liability management group, 888 HSBC-4LM or 212 525-5552) and J.P. Morgan Securities LLC (attn.: Latin America debt capital markets, 212 834-2874 or 866 846-2874).
Bondholder Communications Group, LLC (212 809-2663, attn.: Rita Upton, rupton@bondcom.com or +44 (0) 20 7382 4580) is the information agent.
Fixed price bonds Outstanding amount Purchase price per $1,000 of bonds
7½% global bonds due 2015 $165,388,418 $1,055
9¼% global bonds due 2017 $53.19 million $1,220
8% global bonds due 2022 $668,038,172 $1,325
6 7/8% global bonds due 2025 $238,693,605 $1,245
7 7/8% global bonds due 2033 $1,066,269,971.50 $1,385
7 5/8% global bonds due 2036 $1,407,867,317 $1,375
| Fixed spread bonds | Outstanding amount | Reference U.S. Treasury | Fixed spread
|
| 4 | 1/8% global bonds due 2045 | $854,123,188 | 3.625% due Feb. 15, 2044 | 143 bps
|
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