Ecuador receives consents to amend two series of social notes

By Rebecca Melvin

New York, Feb. 19 – Ecuador Social Bond Sarl said it received the requisite consents under the solicitations regarding its $230,961,000 2.6% class A social notes due 2035 (ISINs: XS2106052827, XS2106052405) and $169,039,000 zero-coupon class B social notes due 2035 (ISINs: XS2106053635, XS2106053551), according to a news release.

The consent solicitations expired at 11 a.m. ET on Feb. 17.

By the expiration time, holders of 100% of the class A notes delivered consents and holders of 65.16% of the class B notes delivered consents. Together, there is a note balance of $400 million and holders of $341,098,660 delivered consents.

The purpose of the Feb. 11 consent solicitation was to reduce the coupon of the class A notes to 2¼% per annum from 2.6%, and to issue a new series of interest-only class A2 notes paying an amount equal to the original class A notes coupon minus the modified class A notes coupon.

The modified class A notes coupon was determined after the expiration time by the holders of the class A notes.

No fee is being paid to holders in connection with the consent solicitation.

Global Bondholder Services Corp. (212 430-3774, 866 470-3800) acted as information and tabulation agent for the consent solicitation.

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