The Republic of Uruguay

Uruguay Announces the Results of its Liability Management Transactions

    Montevideo, Uruguay (ots/PRNewswire) -

    The Republic of Uruguay announced today that approximately U.S.$1,173 million aggregate outstanding principal amount of Uruguay's U.S. dollar and Euro-denominated bonds (the "Eligible Bonds") eligible to participate in the exchange offer and the related cash tender offer (collectively, the "Offer") announced October 19, 2006 were tendered into Uruguay's Offer. Uruguay decided to accept all Eligible Bonds tendered at the Minimum Clearing Price or on a non-competitive basis, having approximately U.S.$1,143 million aggregate outstanding principal amount, and will proceed to complete the Offer on November 14, 2006, the expected settlement date.

    The table below shows (a) the final clearing price per series of Eligible Bonds (excluding, in each case, any accrued but unpaid interest), (b) the approximate aggregate principal amount of Eligible Bonds of each series tendered that Uruguay accepted in the Offer and (c) the approximate remaining outstanding principal amount of each such series of Eligible Bonds after giving effect to the Offer.

@@start.t1@@                                                                                                      Remaining
                                                                                 Principal      Outstanding
      Eligible                                          Clearing        Amount          Principal
        Bonds              ISIN            CUSIP      Price         Accepted            Amount
      U.S. Dollar
        Bonds
      7.000% due  US760942AF94 760942AF9  103.35 U.S.$4,598,000  U.S.$3,702,000
        2008
      7.875% due  US917288AL60 917288AL6  105.55        26,257,716         56,742,284
        2008
      7.875% due  US917288AK87 917288AK8  106.05            664,000          1,536,000
        2009
      7.250% due  US760942AH50 760942AH5  104.70         8,601,000          6,499,000
        2009
      FRNs due      US917288AM44 917288AM4  102.30            842,171              557,829
        2009
      FRNs due      US917288AN27 917288AN2  101.80         4,823,489              476,511
        2010
      8.750% due  US760942AJ17 760942AJ1  110.25            246,600          2,453,400
        2010
      7.250% due  US917288AY81 917288AY8  106.25      288,752,500        186,723,571
        2011
      8.375% due  US917288AP74 917288AP7  110.80        26,712,186         33,987,814
        2011
      7.625% due  US917288AJ15 917288AJ1  107.80         1,521,000          3,579,000
        2012
      7.000% due  US917288AS14 917288AS1  105.10        21,498,408         42,427,918
        2013
      7.875% due  US917288AT96 917288AT9  110.05        12,765,105          6,734,895
        2014
      7.250% due  US917288AU69 917288AU6  106.35        10,813,483         18,686,517
        2014
      7.500% due  US917288AZ56 917288AZ5  108.25      586,680,976        400,872,319
        2015
      8.750% due  US917288AV43 917288AV4  115.85        26,052,478         24,547,522
        2015
      7.625% due  US917288AX09 917288AX0  107.55        19,232,185         14,467,815
        2017
      7.875% due  US760942AE20 760942AE2  108.30         7,070,000         23,130,000
        2027
      Euro Bonds
      7.000% due  XS0131127036        -         107.75 euro 8,611,000 euro 46,289,000
        2011
      7.000% due  XS0167136786        -         107.25        33,293,878         60,506,122
        2012
      7.000% due  XS0167137834        -         107.75        33,666,096         84,033,904
        2019@@end@@

    All Eligible Bonds accepted by Uruguay will be retired pursuant to the Offer. Uruguay accepted all non-competitive offers in the exchange offer, but declined to accept any competitive offers. No series of Eligible Bonds tendered for cash or in exchange for 8.00% Bonds due 2022 was subject to proration.

    The Republic expects to issue approximately U.S.$879 million aggregate principal amount of new bonds as a result of the exchange offers, comprising approximately U.S.$602 million aggregate principal amount of its 8.00% Bonds due 2022 and approximately U.S.$277 million aggregate principal amount of its 7.625% Bonds due 2036.

    Under the cash tender offer, the Republic expects to purchase Eligible Bonds having an aggregate outstanding principal amount of approximately the equivalent of U.S.$275 million at an aggregate cost of approximately the equivalent of U.S.$295 million (excluding accrued but unpaid interest, if any, which Uruguay will also pay on the settlement date in accordance with the Offer).

    The Offer commenced on October 19, 2006, on the terms and subject to the conditions described in the prospectus supplement dated October 19, 2006 and the accompanying prospectus dated June 5, 2006 that were filed with the U.S. Securities and Exchange Commission. The Offer expired at 4:30 P.M., New York City time, on October 27, 2006.

    The definitive amounts of new global bonds to be issued and Eligible Bonds to be exchanged and repurchased pursuant to the Offer remain subject to final confirmation by the Exchange Agent and Uruguay.

    Citigroup, Morgan Stanley and UBS Investment Bank acted as Dealer Managers for the Offer, and Citibank N.A. acted as Exchange Agent. Dexia Banque Internationale a Luxembourg acted as Luxembourg Exchange Agent.

    ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AFTER THIS MESSAGE ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

ots Originaltext: The Republic of Uruguay
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
Tom Long, +1-212-493-6920



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