Uruguay holds one-day exchange offer for five series of notes

By Susanna Moon

Chicago, June 12 – The Republic of Uruguay began a one-day local exchange offer for five series of its notes until 3 p.m. ET on Monday.

Uruguay also is offering new Rule 144A and Regulation S bonds as part of the exchange offer, according to an announcement.

The notes covered by the exchange are as follows:

• 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 the bonds it will accept in the exchange.

The exchange is 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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