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08.07.2008 – 19:41

The Republic of Uruguay

Uruguay Announces Final Results of its International Offer

    Montevideo (ots/PRNewswire)

The Republic of Uruguay, in accordance with the schedule of its offer launched on June 24, 2008 to holders of 14 series of outstanding foreign currency external bonds of Uruguay (the "Eligible Bonds") outside the United States (the "International Offer"), announced today that it expects to issue:

    (a) U.S.$134.96 million aggregate principal amount of its U.S. Dollar 7.625% Bonds due 2036 (CUSIP No. 760942AS1; ISIN US760942AS16 and Common Code 024873811), and

    (b) Ps.14,650 million aggregate principal amount of its 4.00% UI Bonds due 2030 (CUSIP P80557AD6; ISIN USP80557AD64 and Common Code 037546534) for which the initial value of one UI will be 1.8133 Ps.,

    in exchange for Eligible Bonds tendered in the International Offer and in the concurrent offer in the United States and in exchange for certain other debt securities of the Republic tendered in the concurrent domestic exchange offer. The International Offer and the concurrent exchange offers are expected to settle on July 10, 2008. The aggregate principal amount of each series of Eligible Bonds accepted in the International Offer and the concurrent offer in the United States are set forth in the following table.

                              principal                         Aggregate
                                 amount        Principal    principal
                              currently        amount         amount
                            outstanding    tendered
         Eligible                                                    not
            Bonds                                                 tendered
         EUR Bonds
      7.000% Bonds    43,270,000      332,000    42,938,000
         due 2011
      7.000% Bonds    41,350,000    3,239,620  38,110,380
         due 2012
         USD Bonds
      7.875% Bonds    47,530,000      137,500    47,392,500
         due 2008
      7.875% Bonds    1,270,000        60,000        1,210,000
         due 2009
      7.250% Bonds    4,290,000            -          4,290,000
         due 2009
      8.750% Bonds    1,950,000            -          1,950,000
         due 2010
      7.250% Bonds  103,410,000  11,559,711  91,850,289
         due 2011
      8.375% Bonds    29,980,000    1,565,800  28,414,200
         due 2011
      7.625% Bonds    1,960,000        150,000      1,810,000
         due 2012
      7.000% Bonds    39,500,000      464,854    39,035,146
         due 2013
      7.875% Bonds    6,800,000      1,198,886    5,601,114
         due 2014
      7.250% Bonds    17,800,000      726,618    17,073,382
         due 2014
      7.500% Bonds  392,400,000  100,532,907 291,867,093
         due 2015
      8.750% Bonds    24,100,000    3,715,868  20,384,132
         due 2015

    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 that 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.

    This press release does not constitute a "prospectus" for the purpose of Article 5.4 of the Prospectus Directive 2003/71/EC and has not been approved by the competent authority of any member state of the European Economic Area.

ots Originaltext: The Republic of Uruguay
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