Uruguay runs one-day tender offer for bonds due 2022, 2024, 2028

Chicago, May 13 – The Republic of Uruguay is conducting a one-day tender offer to purchase for cash bonds from four series of notes up to a maximum purchase amount not yet announced, according to a press release.

The offer expires at noon ET on May 13 for non-preferred tenders and at 2 p.m. ET for preferred tenders.

The notes covered in the offer are the:

• Ps. 35,271,246,000 outstanding of 9 7/8% global bonds due 2022 (ISINs: US917288BJ06, USP96006AE41) for a purchase price of Ps. 1,045 per Ps. 1,000 note;

• Ps. 31,603,000,000 outstanding of 8½% global bonds due 2028 (ISINs: US760942BC54, USP80557BV53) for a purchase price of Ps. 1,047.50 per Ps. 1,000 note;

• $310,919,173.33 outstanding of 8% global bonds due 2022 (ISIN: US917288BC52) for a purchase price of $1,087.50 per $1,000 note;

• $1,009,616,897 outstanding of 4½% global bonds due 2024 (ISIN: US760942AZ58) for a purchase price of $1,091 per $1,000 note.

The tender offer is conditioned upon the pricing, but not the closing, of a new series of peso-denominated global bonds due 2031 and an add-on offering of dollar-denominated 4 3/8% global bonds due 2031. Pricing terms will be announced at 4 p.m. ET on May 13.

Noteholders of the peso-denominated bonds who express interest in the new peso notes and similarly noteholders of old dollar-denominated notes who express interest in subscribing to new dollar notes will have their notes accepted before noteholders who do not express an interest in subscribing for new notes.

Tender orders should be placed through the dealer managers.

HSBC Securities (USA) Inc. is handling billing and delivery for the tender offer.

The dealer managers for the tender offer are BofA Securities, Inc. (800 292-0070, 646-855-8988), HSBC Securities (USA) Inc. (888-HSBC-4LM, 212 525-5552, lmamericas@us.hsbc.com) and Santander Investment Securities Inc. (212 940-1442, 855 404-3636).

D.F. King & Co., Inc. (www.dfking.com/uruguay, 877 732-3621 or 212 269-5550) is the information agent.

The offer is subject to proration.

There is no guaranteed delivery procedure for the offer. Old notes must be delivered to HSBC by 3 p.m. ET on the settlement date.

Settlement is scheduled for May 20.

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