The Republic of Ecuador Announces Successful Results of its Consent Solicitations

QUITO, Ecuador, April 17, 2020 /PRNewswire/ -- The Republic of Ecuador ("Ecuador") announced today that it has received the Requisite Consents (as defined below) as of 5:00 p.m., New York City time, on April 17, 2020 (the "Expiration Time"), according to Global Bondholder Services Corporation, the Information and Tabulation agent, for its consent solicitations announced on April 8, 2020, each as amended and restated on April 14, 2020 (the "Consent Solicitations"), relating to all outstanding securities subject to such Consent Solicitations (the "Securities"). 

Following acceptance of the Requisite Consents, the Republic will be executing supplemental indentures to the indentures governing the Securities, effecting the proposed amendments approved in the Consent Solicitation and described in the Consent Solicitation Statements dated as of April 8, 2020, each as amended and restated as of April 14, 2020 (the "Amended and Restated Consent Solicitation Statements"). The proposed amendments will not become operative until the Consent Payment (as defined below) has been paid.

The Consent Solicitations expired on the Expiration Time.  The Republic expects to pay holders of Securities whose consents were validly delivered and accepted by the Republic (the "Consent Payment") promptly in accordance with the Consent Solicitation Statements.

For each series of Securities listed in Table 1, Ecuador's proposed amendments required valid consents from holders of (x) more than 50% of the aggregate principal amount at the time outstanding of the Securities of that series (the "Per Series Threshold") and (y) not less than 66⅔% of the aggregate principal amount at the time outstanding of the Securities of all series as to which the Per Series Threshold was met to become effective (the "Various Series of Notes Requisite Consents"). 

For the series of Securities listed in Table 2, Ecuador's proposed amendments required valid consents from holders of not less than 75% in aggregate principal amount of that series of Securities to become effective (the "2024 Notes Requisite Consents" and together with the Various Series of Notes Requisite Consents, the "Requisite Consents").

As of the Expiration Time, the approximate percentage of holders of each series of Securities for which the Republic has received and accepted consents is as follows:

TABLE 1

TABLE 2

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This announcement is for informational purposes only and is not a solicitation of consents of any holders of Securities. The solicitation of consents of holders of Securities has only been made pursuant to the Amended and Restated Consent Solicitation Statements.

Citigroup Global Markets Inc. is the Consent Solicitation Agent in connection with the consent solicitations. Global Bondholder Services Corporation is the Information and Tabulation Agent in connection with the consent solicitations. Lazard Frères is acting as Financial Advisor to Ecuador in connection with the consent solicitations.

NONE OF THE CONSENT SOLICITATION AGENT, THE TRUSTEE, THE INFORMATION AND TABULATION AGENT, THE FINANCIAL ADVISOR NOR ANY OF THEIR RESPECTIVE DIRECTORS, EMPLOYEES, AFFILIATES, AGENTS OR REPRESENTATIVES HAVE MADE ANY RECOMMENDATION AS TO WHETHER HOLDERS SHOULD HAVE DELIVERED CONSENTS TO THE PROPOSED AMENDMENTS PURSUANT TO THE AMENDED AND RESTATED CONSENT SOLICITATIONS, AND NO ONE HAS BEEN AUTHORIZED BY ANY OF THEM TO MAKE SUCH A RECOMMENDATION. EACH HOLDER MUST MAKE ITS OWN DECISION AS TO WHETHER TO GIVE A CONSENT.

The Amended and Restated Consent Solicitation Statements are available from the Information and Tabulation Agent.

The Information and Tabulation Agent for the Consent Solicitation is:

Global Bondholder Services Corporation
65 Broadway – Suite 404
New York, New York 10006
Attn: Corporate Actions
Banks and Brokers call: (212) 430-3774
Toll free (866)-470-3800
By facsimile:
(For Eligible Institutions only): (212) 430-3775/3779
Confirmation: (212) 430-3774
Email: [email protected]

Any questions regarding the terms of the consent solicitations should be directed to the Consent Solicitation Agent or the Information and Tabulation Agent at their respective addresses and telephone numbers set forth on this communication. Requests for additional copies of the Amended and Restated Consent Solicitation Statements, the eligibility letter or any other related documents may also be directed to the Information and Tabulation Agent.

The Consent Solicitation Agent for the Consent Solicitation is:

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

*********

The Republic of Ecuador

Ministry of Economy and Finance
Av. Amazonas entre Pereira y Unión Nacional de Periodistas
Plataforma Gubernamental de Gestión Financiera, Pisos 10 y 11, 
Quito, Ecuador

(Financial Advisor to the Republic of Ecuador)

Lazard Frères
121 Boulevard Haussmann
75008, Paris

SOURCE The Republic of Ecuador

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