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Uruguay holds one-day tender for Ps. 7.8 billion 5% UI bonds due 2018
By Susanna Moon
Chicago, June 13 – The Republic of Uruguay held a one-day cash tender offer for its Ps. 7,795,848,806 of 5% global UI bonds due 2018 that ran from 8 a.m. ET until 4 p.m. ET on Monday.
The purchase price is 101.8%, or Ps. 1,018 for each Ps. 1,000 principal amount.
Settlement has been set for June 20.
Holders will also receive accrued interest in cash as adjusted by the UI factor of 2.29657963 and an exchange rate of Ps. 28.217 to $1.00 up to but excluding the settlement date, according to a notice.
As of the expected settlement date, the adjustment UI factor would be 2.29657963, which is the ratio of 3.6325, the value of the UI index at settlement, over 1.5817, the value of the UI index at the time of the issue of the old bonds.
The purchase price will be converted into dollars at an exchange rate of Ps. 28.217 to $1.00.
The principal amount of the bonds as adjusted by the UI factor is Ps. 17,897,380,151 as of Monday.
The dealer managers are BBVA Securities Inc. (212 728-2446 or liabilitymanagement@bbva.com), BofA Merrill Lynch (800 292-0070 or 646 855-8988) and Morgan Stanley & Co. LLC. (800 624-1808 or 212 761-1057).
Global Bondholder Services Corp. (212 430-3774, 866 807-2200 or gbsc-usa.com/uruguay/) is an agent.
Uruguay also was offering new Rule 144A and Regulation S bonds as part of its exchange offer for the following notes, as previously announced:
• 3,479,000 UIs of 2¼% series 18 notes due Aug. 23, 2017;
• 1,668,000 UIs of 4.85% series 22 notes due June 9, 2018;
• 5,095,000 UIs of 3¼% series 16 notes due Jan. 27, 2019;
• 1,291,000 UIs of 4¼% series 12 notes due March 7, 2020; and
• 13,012,000 pesos of 13¼% series 7 notes due April 8, 2018.
The issuer said that it reserves the right to determine the maximum amount of bonds it will accept in the exchange.
The exchange offers are not contingent upon any minimum participation but does require pricing of the new issue.
Settlement has been set for June 20.
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