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Published on 1/20/2022 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Paraguay starts fast, same-day tender offer for notes due 2023, 2026

Chicago, Jan. 20 – The Republic of Paraguay started a same-day tender offer for two series of notes that will have a maximum purchase amount that will be determined later, according to a press release.

The republic is offering to buy from its $450,494,000 outstanding 4 5/8% bonds due 2023 (Cusips: 699149AA8, P75744AA3) for $1,040 per $1,000 note and from its $600 million outstanding 5% bonds due 2026 (Cusips: 699149AC4, P75744AD7) for $1,095 per $1,000 note. Interest will also be paid in cash.

The offer is conditioned on the same-day pricing of new bonds due 2033 with pricing terms to be announced at 4 p.m. ET on Thursday.

The offer expires at 1 p.m. ET for non-preferred tenders and at 2 p.m. ET for preferred tenders.

Orders for tenders must be placed through one of the dealer managers. Holders may place a tender offer through any broker, dealer, commercial bank, trust company, other financial institution or other custodian but the broker must contact one of the dealer managers to submit a tender order.

The offer is subject to proration, and the 2023 bonds have a higher priority than the 2026 bonds.

The bonds will be accepted at 8 a.m. ET on Jan. 21.

Citigroup Global Markets Inc. is handling billing and delivery for the tender offer.

The dealer managers for the tender offer are Citigroup Global Markets Inc. (212 723-6106, 800 558-3745) and Goldman Sachs & Co. LLC (212 357-1452, 800 828-3182).

Global Bondholder Services Corp. is the information agent (212 430-3774, 855 644-2014, http://www.gbsc-usa.com/paraguay).


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