On June 19, 2017, the Government issued a bond for USD 2.75 billion at a rate of 7.125% due in 2117. Said issuance was made under an exemption from registration under the Securities and Exchange Commission (SEC) of the United States called the “Rule 144A”. The documentation of the issuance establishes that the Government will give bondholders the possibility of exchanging their bonds for bonds registered under the SEC within 1 year as from the date of issuance.
As from today and until June 18, 2018, holders of bonds issued under the Rule 144A will have the opportunity to swap their bonds for bonds registered under the SEC. This way, in addition to bonds due in 2117, holders will have the opportunity of swapping their bonds to other series of bonds issued under Rule 144A that haven´t been exchanged before.
In 2017, the Government completed the registration process as issuer before the SEC and issuances since then have been made in a registered way. This is the last chance to exchange bonds issued under Rule 144A.
It should be pointed out that this exchange does not constitute an additional debt issuance and that the terms for 2117 bond remain unchanged.
The documentation related with this transaction is available at: