Uruguay Announces Debt
Today, the Republic of Uruguay ("Uruguay") announced a cash tender offer for 10 series of outstanding international bonds denominated in U.S. dollars and Euros (the "international bonds"), all maturing in or prior to 2012 (the "Offer").
Uruguay reserves the right, in its sole discretion, not to accept any or all tender offers, to terminate the Offer for any reason and to select one or more series of eligible bonds to be prorated on the basis of the same or different proration factors, including if the aggregate principal amount of eligible international bonds validly tendered in the Offer and not withdrawn prior to the expiration time exceeds the equivalent of U.S.$200 million.
The Offer is not conditioned upon any minimum participation of any series of eligible bonds.
The aggregate outstanding principal amount of all bonds eligible to participate in the Offer is equivalent to approximately U.S.$436 million.
Separately, Uruguay announced a cash tender offer for 24 series of domestic bonds denominated in UIs and U.S. dollars (the "Local Offer").
The terms of the Offer with respect to the international bonds are described in an offer document dated December 3, 2007. The terms of the Local Offer are described in a Spanish-language document dated December 3, 2007, made available in Uruguay.
The aggregate outstanding principal amount of all bonds eligible to participate in the Local Offer is equivalent to approximately U.S.$1,545 million.