Uruguay gives results of tender offer for bonds due 2022, 2024, 2028

Chicago, May 14 – The Republic of Uruguay announced the results of its one-day tender offer for certain series of notes, according to a press release.

The republic decided to accept all tendered notes in one peso series and all of the tendered notes in one dollar series. None of the notes were purchased from one peso series and one dollar series.

Accordingly,

• All Ps. 17,524,039,000 preferred tenders and all Ps. 1,517,673,000 non-preferred tenders will be accepted from 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;

• None of the Ps. 9,465,861,000 preferred tenders nor the Ps. 1,250,000 non-preferred tenders will be accepted from the 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;

• All of the $78,506,344 preferred tenders and all of the $14,874,893 non-preferred tenders will be accepted from the $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; and

• None of the $98,636,535 preferred tenders nor the $22,671,628 non-preferred tenders will be accepted from the $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 maximum purchase amount for the 2022 peso bonds is Ps. 19,041,712,000. And, the maximum amount for the 2022 dollar bonds is $93,381,237.

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

The tender offer was 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.

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

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.

© 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.