Credit Suisse begins tender offer for three series of Ecuador notes

By Marisa Wong

Los Angeles, April 26 – Credit Suisse International announced it has launched an offer to purchase for cash notes from three series issued by the Republic of Ecuador, for up to a maximum aggregate consideration of $800 million, inclusive of accrued interest.

Pricing will be determined under a modified Dutch auction procedure, according to a notice.

Credit Suisse is offering to purchase notes from the following series:

• $3,701,423,865 outstanding step-up coupon notes due 2030 (ISIN: XS2214238102, XS2214237807, XS2214238284) for a price between 48.25 and 53.25;

• $8,458,864,776 outstanding step-up coupon notes due 2035 (ISIN: XS2214238524, XS2214238441, XS2214238953) for a price between 33.5 and 38.5; and

• $3,403,135,207 outstanding step-up coupon notes due 2040 (ISIN: XS2214239258, XS2214239175, XS2214239332) for a price between 30.5 and 35.5.

Tenders may be subject to proration.

The offer is subject to a new financing condition.

The tender offer will expire at 2 a.m. ET on May 4. Results will be announced that same day.

Settlement is slated for May 9.

Credit Suisse International (800 820-1653, 212 538-2147, +44 20 7883 8763; Americas.LM@credit-suisse.com) is the dealer manager.

The information and tender agent is Kroll Issuer Services Ltd. (attn.: David Shilson; +44 207 704 0880; ecuador@is.kroll.com; https://deals.is.kroll.com/Ecuador).

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