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19.10.2006 – 14:54

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.

ots Originaltext: The Republic of Uruguay
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