The Republic of Ecuador Announces the Extension of the Settlement Deadline of its Consent Solicitation and Invitation to Exchange

QUITO, Ecuador, Aug. 19, 2020 /PRNewswire/ -- The Republic of Ecuador (the "Republic") announced today that it received the consent of holders representing a majority of the aggregate principal amount Outstanding of all Series of Eligible Bonds to extend the deadline to settle (the "Settlement Deadline") the Republic's previously announced Consent Solicitation and Invitation to Exchange (together, the "Invitation") from August 20, 2020 to September 1, 2020.  As a result, the Republic has extended the Settlement Deadline to September 1, 2020. The terms and conditions of the Invitation are described in the invitation memorandum dated July 20, 2020 (as amended, the "Invitation Memorandum"). Except as described in this press release, all other terms of the Invitation as described in the Invitation Memorandum remain unchanged.  Capitalized terms used herein but not defined herein shall have the meanings ascribed thereto in the Invitation Memorandum.

The Invitation is contingent upon the satisfaction of the condition that, on or prior to the settlement of the Invitation, the International Monetary Fund (the "IMF") shall have announced an IMF staff level agreement on a new funded program for Ecuador (the "IMF Condition"). As of the date of this release, the Republic continues negotiations with the IMF staff. Settlement of the Invitation is expected to occur two business days after announcement that the IMF Condition has been satisfied, or as soon as practicable thereafter but no later than September 1, 2020.

Eligible Holders, or custodians for such holders, of Eligible Bonds may obtain a copy of the Invitation Memorandum by contacting the Information, Tabulation and Exchange Agent at the contact information set forth below, or by download, following registration, via: https://gbsc-usa.com/ecuador.

This announcement is for informational purposes only and is not an invitation or a solicitation of consents of, or an offer to buy or solicitation of an offer to sell any securities from, holders of Eligible Bonds. The Invitation to Eligible Holders of Eligible Bonds was only made pursuant to the Invitation Memorandum.

Ecuador will continue to make (or cause to be made) all announcements regarding the Invitation by press release in accordance with applicable law.

Ecuador did not register the Invitation, the Eligible Bonds or the New Securities under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law. The Invitation was not made in the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Invitation was only made to (A) "qualified institutional buyers" as defined in Rule 144A under the Securities Act, (B) "accredited investors" within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act ("institutional accredited investors") and (C) (x) persons outside the United States, (y) if located within a member state of the European Economic Area or in the United Kingdom, a "qualified investor" as defined in Regulation (EU) 1129/2017, and (z) if located outside the EEA or the UK, is eligible to receive this invitation under the laws of its jurisdiction.  Only holders of Eligible Bonds who returned a duly completed eligibility letter certifying that they were within one of the categories described in the immediately preceding sentence were authorized to receive and review the Invitation Memorandum and to participate in the Invitation ("Eligible Holders").

None of the DEALER MANAGER, the Trustee, the Information, Tabulation and Exchange Agent, the financial advisor nor any of their respective directors, employees, affiliates, agents or representatives made any recommendation as to whether Holders should deliver their consents or TENDER THEIR ELIGIBLE BONDS pursuant to the INVITATION, and no one was authorized by any of them to make such a recommendation.

The Invitation Memorandum is available from the Information, Tabulation and Exchange Agent.

The Information, Tabulation and Exchange Agent for the Invitation 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 Invitation should be directed to the Dealer Manager or the Information, Tabulation and Exchange Agent at their respective addresses and telephone numbers set forth on this communication. Requests for additional copies of the Invitation Memorandum, the eligibility letter or any other related documents may be directed to the Information, Tabulation and Exchange Agent.

The Dealer Manager for the Invitation 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
Email: [email protected]

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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