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The Republic of Ecuador Announces the Results of Its Invitation for Offers to Tender for Cash Its 2020 Notes
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QUITO, Ecuador, June 18, 2019 /PRNewswire/ -- The Republic of Ecuador ("Ecuador") announced today the results of its invitation for each holder to submit offers (the "Offers") to tender for cash the notes set forth in the table below (collectively, the "Old Notes"), upon the terms and subject to the conditions described in the invitation dated June 10, 2019 (the "Invitation"), subject to an aggregate amount not to exceed the proceeds received from the New Notes Offering (the "Aggregate Maximum Tender Amount").  The Invitation expired as scheduled at  8:00 a.m., New York time, on June 17, 2019. Capitalized terms not defined in this communication have the meanings specified in the Invitation.

The following table sets forth the results of the Invitation:

Securities

ISINs and
Common
Codes

Principal
Amount
Outstanding

Principal
Amount
Tendered

Percentage of
Principal
Amount
Tendered(1)

Principal Amount
Accepted for
Purchase

Proration
Factor

Principal
Amount
Remaining
Outstanding

10.500% Notes

due March 24,
2020 (the "2020
Notes")

Rule 144A

ISIN:
XS1199930329

Common Code:
119993032

Regulation S

ISIN:
XS1199929826

Common Code:

119992982

U.S.$  
1,500,000,000

U.S.$1,399,233,000

93.28%

U.S.$1,175,370,000

86.7496335%

U.S.$324,630,000

______________________
(1)  Principal amount of Old Notes tendered pursuant to the Invitation expressed as an approximate percentage of the aggregate principal amount of Old Notes outstanding.

Holders whose Old Notes are accepted for purchase (after proration) by Ecuador will be entitled to receive for such Old Notes the applicable Purchase Price plus Accrued Interest (if any), which will be paid on the Settlement Date, if the conditions of the Invitation are met. The Settlement Date is expected to occur on June 18, 2019, subject to the terms and conditions set forth in the Invitation. Ecuador reserves the right, in its sole discretion, to delay the Settlement Date without extending the Withdrawal Deadline.

Any holder who fails to make delivery in accordance with the Invitation shall not be entitled to receive any payment therefore unless Ecuador, in its sole discretion, determines to waive any such failure.

Ecuador will use the proceeds from the issuance of the New Notes in the New Notes Offering for cash to pay for Old Notes purchased pursuant to the Invitation.

Ecuador will cancel Old Notes purchased pursuant to the Invitation following the Settlement Date.

NONE OF ECUADOR, THE DEALER MANAGERS OR THE INFORMATION AND TENDER AGENT MAKES ANY RECOMMENDATION THAT ANY HOLDER TENDER OR REFRAIN FROM TENDERING ALL OR ANY PORTION OF THE PRINCIPAL AMOUNT OF SUCH HOLDER'S OLD NOTES, AND NO ONE HAS BEEN AUTHORIZED BY ANY OF THEM TO MAKE SUCH A RECOMMENDATION. HOLDERS MUST MAKE THEIR OWN DECISIONS WHETHER TO TENDER OLD NOTES, AND, IF SO, MUST DECIDE ON THE PRINCIPAL AMOUNT OF OLD NOTES TO TENDER.

The Information and Tender Agent for the Invitation was:

Lucid Issuer Services Limited

Tankerton Works

12 Argyle Walk

London WC1H 8HA

United Kingdom

Attention: Arlind Bytyqi and Thomas Choquet

E-mail: ecuador@lucid-is.com

Tel: +44 20 7704 0880

The Dealer Managers for the Invitation were:

Citigroup Global Markets Inc.
388 Greenwich St, 7th  Floor
New York, NY 10013
Attention: Liability Management Group
Collect: +1-212-723-6106
U.S. Toll-free: +1-800-558-3745

Deutsche Bank Securities Inc.
60 Wall Street
New York, New York 10005
Attention: Liability Management Group
Collect: +1-212-250-2955
U.S. Toll-free: +1-866-627-0391

J.P. Morgan Securities LLC
383 Madison Avenue
New York, NY 10179
Attention: Latin America Debt Capital Markets
Collect: +1-212-834-7279
U.S. Toll-free: +1-866-846-2874

 

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