Uruguay gives results of one-day tender offer for dollar, peso bonds

Chicago, July 12 – The Republic of Uruguay announced the tender offer results from its one-day offer that covered bonds from seven series, according to a press release.

The offer was broken down into three parts: global peso-denominated bonds, global dollar-denominated bonds and global UI bonds.

The tender results for the global peso-denominated bonds were the following:

• All UYU 6,078,105,000 preferred tenders are being accepted but none of the UYU 2,637,726,000 non-preferred tenders are being accepted of the UYU 31,603,000,000 outstanding 8½% bonds due 2028 (ISIN: US760942BC54) for a purchase price of UYU 963.75 per UYU 1,000 principal amount; and

• None of the UYU 2,618,642,164 preferred tenders nor any of the of the UYU 2,060,653,490 non-preferred tenders are being accepted of the UYU 51,332,112,000 outstanding 8¼% bonds due 2031 (ISIN: US917288BM35) at a purchase price of UYU 933.75 per UYU 1,000 principal amount.

For the global dollar-denominated bonds, the results and acceptance amounts were the following:

• All $4,115,900 preferred tenders are being accepted but none of the $8,681,571.33 non-preferred tenders are being accepted of the $626,958,314 outstanding (reflects the original principal amount multiplied by an amortization factor of 0.66666667) 4½% bonds due 2024 (ISIN: US760942AZ58) at a purchase price of $1,000 per $1,000 principal amount ($1,000 times the original principal amount multiplied by a 0.66666667 amortization factor);

• All $300,000 of the preferred tenders are being accepted but none of the $97,000 non-preferred tenders are being accepted of the $175,369,620 outstanding 6 7/8% bonds due 2025 (ISIN: US760942AX01) at a purchase price of $1,022.50 per $1,000 principal amount; and

• All $7,181,000 of the preferred tenders but none of the $22,604,274 non-preferred tenders are being accepted of the $1,425,609,956 outstanding 4 3/8% bonds due 2027 (ISIN: US760942BB71) at a purchase price of $993.50 per $1,000 principal amount.

The results from the offer for the global UI bonds are the following:

• All UYU 977,588,000 preferred tenders but none of the UYU 250 million non-preferred tenders are being accepted from the UYU 9,914,541,000 outstanding 4¼% bonds due 2027 (ISIN: US760942AU61) at a purchase price of UYU 1,035 per UYU 1,000 principal amount; and

• None of the UYU 816,888,113 preferred tenders and none of the UYU 4,561,527 non-preferred tenders are being accepted of the UYU 32,848,290,345 outstanding 4 3/8% bonds due 2028 (ISIN: US917288BD36) at a purchase price of UYU 1,058.75 per UYU 1,000 principal amount.

Investors will also receive accrued interest.

Conditions

The tender offer was not conditioned on any minimum participation of any series of bonds but is conditioned on, among other things, the pricing (but not the closing) of a new issuance of peso-denominated global bonds maturing in 2033.

Under each series, tenders made by holders of the old bonds who submitted an indication of interest for the new bonds were to be accepted before any other tenders for that series.

Details

The tender offer began at 8 a.m. ET on July 11 and expired at noon ET on July 11 for non-preferred tenders and 2 p.m. ET on July 11 for preferred tenders.

All tender orders will be consolidated at or around 8 a.m. ET on July 12.

Settlement is slated for July 17.

Itau BBA USA Securities, Inc. is the billing and delivery bank for the tender offer.

The dealer managers are BofA Securities, Inc. (800 292-0070, 646 855-8988), Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745; ny.liabilitymanagement@citi.com) and Itau BBA USA Securities, Inc. (212 710-6749).

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

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