Uruguay’s Faroy to trade $11.63 million secured notes due 2033 for new notes

By Mary-Katherine Stinson

Lexington, Ky., April 18 – Faroy SA launched an exchange offer for any and all its outstanding $11,628,766 step-up senior secured notes due 2033 (ISIN: USP3R92YAB88) for new notes to be issued on terms described in a private invitation memorandum.

According to the terms in the April 14 memorandum, holders who tender their notes before the expiration deadline of 5 p.m. ET on June 9 will receive $1 principal amount of the new notes for each $1 existing note tendered.

Tendering noteholders are being offered new short-term discount notes, denominated and payable in dollars. The notes will mature on March 31, 2025.

Principal will be repaid on the maturity date with a 10% discount, i.e., $0.90 for each $1.00 note.

Interest on the new notes will be 6%.

Settlement is expected to occur June 16, which is also the date expected for issue of the new notes.

The offer is only open to registered holders.

The withdrawal deadline is May 30.

TMF Trust Co. (Uruguay) SA is the collateral agent under which the existing notes were issued and will also be the collateral agent for the new notes.

D.F. King & Co., Inc. (800 249-7148, 212 269-5550, faroy@dfking.com, www.dfking.com/faroy) is the information agent.

The property owner and developer is based in Punta del Este, Uruguay. Its primary asset is the Trump Tower project in Uruguay.

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