Paraguay begins tender offer to purchase 5% bonds due 2026

By Wendy Van Sickle

Columbus, Ohio, June 28 – The republic of Paraguay commenced an offer to purchase for cash its $527,125,000 outstanding 5% bonds due 2026 (Cusips: 699149AC4 and P75744AD7) for a price of $996.25 per $1,000 principal amount.

The issuer will purchase bonds such that the purchase price to be paid for the old bonds tendered and accepted for purchase under the tender offer is equal to a maximum purchase amount to be determined by Paraguay, according to a news release.

Holders will also receive accrued interest.

The offer is not conditioned upon any minimum participation of old bonds but is conditioned, among other things, on the closing of a new issuance of Paraguay's bonds due 2035.

The tender offer will expire at 5 p.m. ET on July 5.

Settlement is expected on July 12.

Global Bondholder Services Corp. (212 430-3774, 855 654-2015) is the information agent.

Citigroup Global Markets Inc. (212 723-6106, 800 558-3745) and Itau BBA USA Securities, Inc. (212 710-6749) are the dealer managers.

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