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The Republic of Uruguay

Uruguay Announces Liability Management Transaction

Montevideo, Uruguay (ots/PRNewswire)

The Republic of Uruguay announced today a series of liability
management transactions intended to improve its external debt profile
and reduce its vulnerability to external shocks. The transactions
comprise offers to holders of 20 outstanding series of Uruguay's
foreign currency external bonds maturing on or prior to 2019 and one
series due 2027 (the "Eligible Bonds") to (a) exchange those
instruments through concurrent modified Dutch auctions for Uruguay's
8.00% US$ Bonds due 2022 or its 7.625% US$ Bonds due 2036 (the "Exit
Bonds") to be issued by the Republic of Uruguay upon settlement of
the transaction, or (b) tender Eligible Bonds in a cash tender offer
conducted concurrently with the exchange offers. The cash tender
offer will be funded in whole or in part with the net proceeds of an
offering of 5.00% UI Bonds due 2018 and 7.625% Bonds due 2036, also
announced today.
Approximately US$2.2 billion aggregate principal amount of
Eligible Bonds are eligible to participate in the exchange offers and
the cash tender offer.
The Exit Bonds are described in a Prospectus dated June 5, 2006
and a Prospectus Supplement dated October 19, 2006, that have been
filed with the U.S. Securities and Exchange Commission. Upon
issuance, each series of Exit Bonds will be consolidated with and
form part of the outstanding bonds of the same series.
Citigroup, Morgan Stanley and UBS Investment Bank act as Dealer
Managers for the Offer, and Citibank N.A. acts as Exchange Agent.
Representatives of the Republic will make themselves available to
investors in major financial centers to describe the transaction in
greater detail.
The expiration date for the offer is October 27, 2006. Settlement
is currently expected to take place on or about November 14, 2006.
Since the reprofiling of its financial liabilities in 2003,
Uruguay has implemented several measures to extend and improve the
maturity curve of its external debt. These measures are designed
among other objectives to limit Uruguay's vulnerability to external
shocks, and at the same time reduce risks for investors. "The
transaction we are announcing today," said Minister Astori,
"reaffirms Uruguay's commitment to manage its debt responsibly and
provide a solid basis for the sustainable development of our
economy."
Holders of Eligible Bonds or their custodians may request a copy
of the offering document and prospectus from DF King +1-800-859-8511
(toll free number), +1-212-269-5550 (outside US).
When available, a copy of a written prospectus meeting the
requirements of Section 10 of the US Securities Act of 1933, as
amended, may be obtained, subject to applicable law, from: Citigroup,
390 Greenwich Street, New York, New York 10013, United States,
Attention: Liability Management Group, in the United States, call
toll free: +1-800-558-3745, outside the United States, call collect:
+1-212-723-6108; Morgan Stanley, 1585 Broadway New York, New York
10036 United States, Attention: Liability Management Group, in the
United States, call toll free: +1-800-624-1808, outside the United
States, call collect: +1-212-761-1864; UBS Investment Bank, 677
Washington Boulevard Stamford, Connecticut 06901, United States
Attention: Liability Management Group, +1-203-719-4210,
+1-888-722-9555, ext. 4210 (toll free).
Holders of Eligible Bonds desiring to participate in any of the
exchange offers or the cash tender offer must submit, or arrange to
have submitted on their behalf, a duly completed letter of
transmittal electronically via the Offer Website. The Offer Website
is only accessible by password, which a holder may obtain by
contacting Citigroup (New York +1-212-723-9474; London
+44-207-986-9283). The holder, or the person acting on its behalf,
must  follow the procedures for submitting the letter of transmittal
and delivering  bond instructions described in the materials relating
to the offers and the  cash tender offer posted at that Offer
Website.
This announcement is not an offer or a solicitation of offers to
exchange any securities. The offers are being made solely by the
Prospectus Supplement and Prospectus referred to above. The
distribution of materials relating to the offers, and the
transactions contemplated by the offers, may be restricted by law in
certain jurisdictions. If materials relating to the offers come into
your possession, you are required by Uruguay to inform yourself of
and to observe all of these restrictions. The materials relating to
the offers do not constitute, and may not be used in connection with,
an offer or solicitation in any place where such offers or
solicitations are not permitted by law.

Contact:

Tom Long, +1-212-493-6920