Credit Suisse gives results, pricing in tender offer for Ecuador notes

By Mary-Katherine Stinson

Lexington, Ky., May 5 – Credit Suisse International announced the results and pricing in its 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, according to a notice.

As of the expiration time of 2 a.m. ET on May 4, the results were as follows:

• $202,337,921 of the $3,701,423,865 outstanding step-up coupon notes due 2030 (ISIN: XS2214238102, XS2214237807, XS2214238284) were tendered and accepted for purchase at a purchase price of 53.25;

• $1,006,228,531 of the $8,458,864,776 outstanding step-up coupon notes due 2035 (ISIN: XS2214238524, XS2214238441, XS2214238953) were tendered and accepted for purchase at a purchase price of 38.5; and

• $420,192,785 of the $3,403,135,207 outstanding step-up coupon notes due 2040 (ISIN: XS2214239258, XS2214239175, XS2214239332) were tendered and accepted for purchase at a purchase price of 35.5.

Accrued interest will also be paid.

The accrued interest on the notes totals $3,060,361.17 for the 2030 notes, $6,917,821.54 for the 2035 notes and $1,733,295.62 for the 2040 notes.

Pricing was determined under a modified Dutch auction procedure. The resulting pricing equaled the maximum of the originally reported range in each case. As previously reported, Credit Suisse offered to purchase the 2030 notes for a price between 48.25 and 53.25, the 2035 notes for a price between 33.5 and 38.5 and the 2040 notes for a price between 30.5 and 35.5.

Tenders will not be prorated.

The offer is subject to a new financing condition, namely the issuer entering a term facility agreement arranged by Credit Suisse.

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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