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Uruguay begins tender offer for nearly $2 billion of notes
By Angela McDaniels
Tacoma, Wash., Dec. 3 - The Republic of Uruguay began a cash tender offer for 10 series of international bonds denominated in dollars and euros and for 24 series of domestic bonds denominated in dollars and Unidad Indexada (UIs).
The dollar-denominated international bonds eligible for the offer are Uruguay's 7% bonds due 2008, 7 7/8% bonds due 2008, 7 7/8% bonds due 2009, 7¼% bonds due 2009, 8¾% bonds due 2010, 7¼% bonds due 2011, 8 3/8% bonds due 2011 and 7 5/8% bonds due 2012. The euro-denominated bonds are Uruguay's 7% bonds due 2011 and 7% bonds due 2012.
The domestic bonds covered by the offer are detailed in a Spanish-language document made available in Uruguay, according to a news release.
The total outstanding principal amount of international bonds is equivalent to $436 million, and the total outstanding principal amount of local bonds is equivalent to $1.55 billion.
Uruguay said it may choose to prorate one or more series of bonds if the total principal amount of bonds tendered exceeds the equivalent of $200 million.
The payout for each series of international bonds will be determined using the dollar swap rate or euro swap rate, as applicable, plus a fixed spread of 25 basis points for the 7% bonds due 2008, 30 bps for the 7 7/8% bonds due 2008, 40 bps for the 7 7/8% bonds due 2009, 50 bps for the 7¼% bonds due 2009, 80 bps for the 8¾% bonds due 2010, 85 bps for the 7¼% bonds due 2011, 90 bps for the 8 3/8% bonds due 2011 and 7 5/8% bonds due 2012, 95 bps for the 7% bonds due 2011 and 90 bps for the 7% bonds due 2012.
The tender offer expires on Dec. 7, and settlement is expected to occur on Dec. 17.
Citi is the dealer manager, and Bondholder Communications Group, LLC (888 385-2663, 212 809-2663 or +44 20 7382 4580) is the information and tender agent.
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