By Susanna Moon
Chicago, June 11 – The Oriental Republic of Uruguay announced the results of the one-day cash tender offer to purchase bonds from seven series in an FWP filing with the Securities and Exchange Commission.
The aggregate purchase price for the bonds accepted for purchase is $1,175,988,000.
The amount of preferred tenders and preferred tenders accepted for the first six series of notes was as follows:
• $22,596,731 of 7½% global bonds due 2015;
• $2,846,000 of 9¼% global bonds due 2017;
• $104,334,553 of 8% global bonds due 2022;
• $87,700,353 of 6 7/8% global bonds due 2025;
• $225,671,958 of 7 7/8% global bonds due 2033; and
• $349,751,693 of 7 5/8% global bonds due 2036.
The amount of preferred tenders for the 4 1/8% global bonds due 2045 was $180,275,559, and the amount of preferred tenders accepted was $13,443,303.
None of the non-preferred tenders was accepted for the seven series of notes.
The purchase price for each series of bonds is 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 purchase price for the fixed spread bonds was set at $877.95.
The tender offer was not conditioned on any minimum participation of any series of existing bonds but was conditioned on the offering and pricing of a new series of dollar-denominated bonds due 2050.
Uruguay priced $2 billion of 5.1% global bonds due 2050 at 99.66 on June 11 to yield 5.121%, or 165 basis points over Treasuries, as reported by Prospect News.
The tender period began at 8 a.m. ET on June 10 and ended at 4 p.m. ET on the same day, with settlement set for June 17.
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
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
