Uruguay announces results of tenders for 8%, 4½%, 4 3/8% global bonds

Chicago, Sept. 25 – Uruguay announced results of its tender offer for three series of its bonds that was launched and concluded on Tuesday.

The following series were included in the offer:

• $550,576,831 of 8% global bonds due 2022, with pricing to be set using the 1½% Treasury due Aug. 31, 2021 minus 6 basis points for a purchase price of $1,133.95 per $1,000 note;

• $1,134,133,790 of 4½% global bonds due 2024, with pricing to be set using the 1¼% Treasury due Aug. 31, 2024 plus 53 bps for a purchase price of $1,090.17 per $1,000 note; and

• $1,872,571,653 of 4 3/8% global bonds due 2027, with pricing to be set using the 1 5/8% Treasury due Aug. 15, 2029 plus 103 bps for a purchase price of $1,108.47 per $1,000 note.

Both preferred tenders and non-preferred tenders were solicited. All of the following tenders will be accepted for purchase:

• $23,335,985 of preferred tenders and $60,862,086 of non-preferred tenders for the 8% notes due 2022;

• $60,123,716 of preferred tenders and $64,393,177 of non-preferred tenders for the 4.5% notes due 2024; and

• $225,262,241 of preferred tenders and $120,084,408 of non-preferred tenders for the 4 3/8% notes due 2027.

The cap was to be set by Uruguay.

The maximum purchase amount is $84,198,071 principal amount for the 2022 bonds, $124,516,893 principal amount for the 2024 bonds and $345,346,649 principal amount for the 2027 bonds.

The settlement is expected to occur on Oct. 1.

The tender offer is not conditioned upon any minimum participation of any series of old bonds but is conditioned, among other things, on the pricing of additional issuances of Uruguay’s existing 4 3/8% global bonds due 2031 and 4.975% global bonds due 2055.

The information agent is Global Bondholder Services Corp. (212 430-3774 or 866 470-4500).

The dealer managers are Goldman Sachs & Co. LLC (212 357-1452 and 800 828-3182), Santander Investment Securities Inc. (855 404-3636 and 212 940-1442) and Scotia Capital (USA) Inc. (212 225-5559 and 800 372-3930).

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