Uruguay gives results of cash tender offer for three global bonds

By Mary-Katherine Stinson

Lexington, Ky., Oct. 21 – Uruguay announced the results of its cash tender offer for three series of global bonds, according to a Friday press release.

Uruguay also announced the maximum acceptance amount for each series of bonds, which had not been determined at the launch of the offer.

The maximum purchase amount is $47,097,875 principal amount for the 2024 bonds, $101,235,382 principal amount for the 2027 bonds and $368,813,810 principal amount for the 2031 bonds.

The results for each series of bonds are as follows:

• $47,097,875 preferred tenders of the 4˝% global bonds due 2024 (ISIN: US760942AZ58) were tendered and accepted for purchase and $1,411,125 non-preferred tenders were tendered with $0 accepted for purchase;

• $101,235,382 preferred tenders of the 4 3/8% global bonds due 2027 (ISIN: US760942BB71) were tendered and accepted for purchase and $23,277,808 non-preferred tenders were tendered with $0 accepted for purchase; and

• $465,262,798 preferred tenders of the 4 3/8% global bonds due 2031 (ISIN: US917288BK78) were tendered with $368,813,810 accepted for purchase and $3,399,281 non-preferred tenders were tendered with $0 accepted for purchase.

As previously reported, Uruguay was offering a total consideration of $1,001.25 per $1,000 principal amount for the 2024 bonds, $980 per $1,000 principal for the 2027 bonds and $938.75 per $1,000 principal for the 2031 bonds.

Priority was given to tendering bondholders who tendered prior to the new bonds pricing and expressed interest in the new bonds.

Accrued interest will be paid on two of the series of bonds, the 2024 bonds and the 2031 bonds. Accrued interest will not be paid on the 2027 bonds since Uruguay will pay interest on those bonds on the settlement date.

Settlement is expected for Oct. 27.

The tender offer is subject to proration.

The offer was conditioned on the pricing, but not the closing, of Uruguay’s new dollar-denominated global bonds due 2034. Pricing terms were announced Oct. 20. A portion of the net proceeds of the new bond offering will be used to purchase the old bonds accepted in the offer plus accrued interest.

The offer launched Oct. 20 at 8 a.m. ET and expired the same day at 12 p.m. ET for non-preferred tenders and at 2 p.m. ET for preferred tenders.

Credit Agricole Securities (USA) Inc. (866 807-6030, 212 261-7802), J.P. Morgan Securities LLC (866 846-2874, 212 834 7279), HSBC Securities (USA) Inc. (888 HSBC-4LM, 212 525-5552) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are the dealer managers.

Morrow Sodali International LLC (203 609 4910, +44 20 4513 6933, uruguay@investor.morrowsodali.com, https://projects.morrowsodali.com/ Uruguay) is the information agent.

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