Uruguay’s Faroy will trade 30.32% of notes due 2033 for new notes

Chicago, June 9 – Faroy SA announced the results of its 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.

Noteholders opted to exchange $3,525,356, or 30.32%, of the notes.

There will be $8,103,410 of the existing notes outstanding after the offer settles.

The exchange is dollar-for-dollar

The offer expired at 5 p.m. ET on June 9.

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 was only open to registered holders.

The withdrawal deadline was 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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