Uruguay tenders for four global bond series with new issue proceeds

By Susanna Moon

Chicago, Aug. 6 - Uruguay began a tender offer for four series of bonds at 8 a.m. ET on Tuesday that was set to end at 4 p.m. ET the same day.

The purchase price for each $1,000 principal amount will be as follows:

• 110.25 for the $166,807,618 of 7½% global bonds due 2015;

• 126.25 for the $96,017,000 9¼% of global bonds due 2017;

• 130.25 for the $1,232,278,140 8% of global bonds due 2022; and

• 123.75 for the $391,883,409 6 7/8% of global bonds due 2025.

Uruguay is offering to purchase for cash an aggregate principal amount of notes that will not result in a payment price that exceeds 50% of the principal amount of new bonds to be issued, according to a press release.

The issuer is planning a global offering of bonds due 2024 to be denominated in dollars with some proceeds to be used in the tender offer. Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. will be the bookrunners for the new issue.

The tender offer is not conditioned on any minimum amount of tenders but is conditioned on completion of the new bond issue.

Settlement has been set for Aug. 13.

Holders also will receive accrued interest up to but excluding the settlement date.

The information agent is Bondholder Communications Group, LLC (212 809-2663, attn: Rita Upton or email rupton@bondcom.com, or 44 0 20 7382 4580). The dealer managers are Deutsche Bank Securities Inc. (attn: liability management group, collect 212 250-7527, 866 627-0391), HSBC Securities (USA) Inc. (attn: global liability management group, collect 888 HSBC-4LM or 212 525-5552).

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