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The Republic of Uruguay

Uruguay Announces Liability Management Transaction

Montevideo (ots/PRNewswire)

The Republic of Uruguay
announced today an offer to qualified holders outside the United
States of 14 series of outstanding foreign currency external bonds
denominated in U.S. Dollars and Euros maturing on or prior to 2015
(the "Eligible Bonds") to exchange those instruments for either
Uruguayan Pesos UI Bonds due 2030 (the "2030 UI Bonds") or U.S.
Dollar 7.625% Bonds due 2036 (the "2036 Global Bonds" and together
with the 2030 UI Bonds, the "New Bonds") to be issued by the Republic
of Uruguay upon settlement of the transaction. Holders of Eligible
Bonds having in the aggregate an outstanding principal amount of less
than U.S. $ 100,000 or EUR 100,000 can only tender Eligible Bonds for
cash in an offer conducted concurrently with the exchange offer (the
cash and exchange offers, collectively, the "International Offer").
The aggregate outstanding principal amount of all Eligible Bonds
is equivalent to approximately U.S. $ 802.2 million.
Uruguay is also offering 2036 Global Bonds in exchange for
Eligible Bonds pursuant to a concurrent exchange offer to holders in
the United States and is offering 2036 Global Bonds and 2030 UI Bonds
in exchange for certain series of outstanding debt securities of
Uruguay pursuant to a concurrent exchange offer in Uruguay (the
"concurrent exchange offers"). The eligible bonds for the concurrent
domestic offer includes U.S.$566 million aggregate principal amount
of U.S. dollar denominated bonds governed by the laws of Uruguay,
which are eligible to be tendered in exchange for either series of
the New Bonds, and also approximately U.S.$1,541 million aggregate
principal amount of UI denominated bonds governed by the laws of
Uruguay which are eligible to be tendered in exchange for 2030 UI
Bonds only.
The International Offer and the concurrent offer in the United
States will expire at 5.00 p.m., New York time, on June 26, 2008,
unless extended or terminated earlier. Uruguay will announce the
coupon and issue price of the 2030 UI Bonds, and the reopening spread
for the 2036 Global Bonds on the trading day prior to the expiration
date. The market reference rate will be determined and the purchase
price for the Eligible Bonds and the reopening price for the 2036
Global Bonds will be set on the trading day after the expiration
date.
The New Bonds are described in an Offering Circular dated June
24, 2008. Upon issuance, the 2036 Global Bonds will be consolidated
with, form a single series with and be fully fungible with Uruguay's
outstanding U.S.$1,285,667,105 7.625% Bonds due 2036 (CUSIP No.
760942AS1, ISIN US760942AS16, Common Code 024873811) and any 7.625%
Bonds due 2036 issued in the concurrent exchange offers. The 2030 UI
Bonds to be issued in exchange for Eligible Bonds will be
consolidated, form a single series and be fully fungible with the
bonds of the same series to be issued in the concurrent domestic
exchange offer.
Citigroup Global Markets Ltd. acts as Dealer Manager for the
International Offer, and Citibank N.A. acts as Exchange Agent.
Qualified holders of Eligible Bonds desiring to participate in
the International Offers must tender their Eligible Bonds through
participants in DTC, Euroclear or Clearstream, Luxembourg. A
qualified holder, or the person acting on its behalf, must follow the
procedures described in the Offering Circular which can be obtained
by contacting Global Bondholder Services Corporation, the information
agent for the International Offer, at  info@gbsc-usa.com or at
(Collect) +1-212-925-1630.
This press release is for information purposes only and does not
constitute or form part of, and should not be construed as an offer
or an invitation to sell, or issue or the solicitation of any offer
to buy or subscribe for, any securities. In connection with this
transaction there has not been, nor will there be, any public
offering of the New Bonds. No prospectus will be prepared in
connection with the offering of the New Bonds. The New Bonds may not
be offered to the public in any jurisdiction in circumstances which
would require the issuer of the New Bonds to prepare or register any
prospectus or offering document relating to the Bonds in such
jurisdiction. The distribution of this press release and the offer
and sale of the New Bonds in certain jurisdictions may be restricted
by law. Italy has only partially implemented the Prospectus Directive
and, accordingly, the provisions of the Prospectus Directive shall
apply with respect to Italy only to the extent to which the relevant
provisions of the Prospectus Directive have already been implemented
in Italy. The New Bonds may not be placed, sold or offered to
individuals resident in Italy in the primary or in the secondary
market. Any persons reading this press release should inform
themselves of and observe any such restrictions.
This press release does not constitute an offer to sell or a
solicitation of an offer to purchase any securities in the United
States. The 2030 UI Bonds have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "Securities
Act") or the laws of any state within the U.S., and may not be
offered or sold in the United States or to or for the account or
benefit of U.S. persons, except in a transaction not subject to, or
pursuant to an applicable exemption from, the registration
requirements of the Securities Act or any state securities laws. This
press release and the information contained herein may not be
distributed or sent into the United States, or in any other
jurisdiction in which offers or sales of the securities described
herein would be prohibited by applicable laws and should not be
distributed to United States persons or publications with a general
circulation in the United States. No offering of the 2030 UI Bonds is
being made in the United States.
Until 40 days after the settlement date, all dealers effecting
transactions in the 2036 Global Bonds in the United States may be
required to deliver a copy of a prospectus relating to the 2036
Global Bonds.

Contact:

Media Contact: Azucena Arbeleche, +2-1712-2957

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