The Republic of Ecuador Announces an Invitation for Offers to Tender for Cash Its 2020 Notes

Quito, Ecuador (ots/PRNewswire) - The Republic of Ecuador
("Ecuador") announced today the commencement of an 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 (as defined below) (the "Aggregate Maximum Tender
Amount"). The Invitation will be conditioned upon, among other
things, the issuance and sale for cash of additional notes by Ecuador
(collectively, the "New Notes," and the issuance and sale of the New
Notes, the "New Notes Offering") (the "Financing Condition"), in an
amount and on terms and conditions acceptable to Ecuador. Capitalized
terms not defined in this communication have the meanings specified
in the Invitation.

The Invitation is not conditioned upon any minimum participation
of Old Notes. Acceptance of tenders of Old Notes may be subject to
proration if the aggregate principal amount of Old Notes validly
tendered and not validly withdrawn is greater than the Aggregate
Maximum Tender Amount. Ecuador reserves the right, in its sole
discretion, not to accept any or all Offers, to modify the Purchase
Price (as set forth below) upon the terms and conditions described in
the Invitation, to accept only a portion of Old Notes tendered in the
event that the Aggregate Maximum Tender Amount is reached, or to
terminate the Invitation for any reason.

The Invitation will begin on June 10, 2019 and, unless extended or
earlier terminated, the Invitation and withdrawal rights will expire
at 8:00 a.m., New York time on June 17, 2019 (the "Expiration
Deadline" and the "Withdrawal Deadline"). The settlement of validly
tendered and accepted Old Notes is scheduled to occur on June 18,
2019 (the "Settlement Date"). Ecuador reserves the right, in its sole
discretion, to delay the Settlement Date without extending the
Withdrawal Deadline. The following table sets forth certain terms of
the Invitation:

Securities ISINs and Principal Amount Purchase
Common Codes Outstanding Price(1)
10.500% Rule 144A U.S.$1,500,000,000 U.S.$1,060.00
Notes due ISIN:
March 24, XS1199930329
2020 (the Common
"Old Code:
Notes") 119993032
Regulation S
ISIN:
XS1199929826
Common
Code:
119992982
(1)
Offered as
Purchase
Price per
each
U.S.$1,000
principal
amount of
Old Notes
validly
tendered at
or prior to
the
Expiration
Deadline
and
accepted
for
purchase.
The
Purchase
Price does
not include
the
applicable
accrued and
unpaid
interest to
(but
excluding)
the
Settlement
Date
("Accrued
Interest").

Eligible holders of Old Notes must tender Old Notes by requesting
that the direct participant through which the holder holds its Old
Notes submit, at or prior to the Expiration Deadline, such holder's
offer to tender their Old Notes by properly instructing Euroclear
Bank S.A./N.V. ("Euroclear") or Clearstream Banking Luxembourg,
société anonyme ("Clearstream, Luxembourg", each a "Clearing System"
and together the "Clearing Systems"), as applicable, in accordance
with the procedures and deadlines established by the relevant
Clearing System. A separate Offer to tender must be completed on
behalf of each beneficial owner. The acceptance of any Offers
submitted to Euroclear or Clearstream, Luxembourg after the
Expiration Deadline will be in the sole discretion of Ecuador. See
"The Invitation- Procedures for Submitting Offers for Old Notes" in
the Invitation. Old Notes tendered pursuant to the Invitation may
only be withdrawn in accordance with the procedures specified under
"The Invitation-Irrevocability; Withdrawal Rights" in the Invitation
prior to the Withdrawal Deadline, but not thereafter. There is no
letter of transmittal for the Invitation.

Ecuador intends to use the proceeds from the New Notes Offering
not otherwise used to purchase Old Notes tendered and purchased
pursuant to the Invitation to redeem Old Notes in accordance with the
optional redemption provisions of the indentures governing the Old
Notes.

This announcement is not an offer to purchase or the solicitation
of an offer to sell the Old Notes. The invitation for each holder to
submit Offers is only being made pursuant to the Invitation. Holders
of Old Notes should read the Invitation carefully prior to making any
decision with respect to tendering Old Notes because it contains
important information. Any offering of securities will only be made
by an offering document and any such offering may not be registered
with the U.S. Securities and Exchange Commission.

The distribution of materials relating to the Invitation, and the
transactions contemplated by the Invitation, may be restricted by law
in certain jurisdictions. The Invitation is made only in those
jurisdictions where it is legal to do so. The Invitation is void in
all jurisdictions where it is prohibited. If materials relating to
the Invitation come into your possession, you are required to inform
yourself of and to observe all of these restrictions. The materials
relating to the Invitation do not constitute, and may not be used in
connection with, an offer or solicitation in any place where offers
or solicitations are not permitted by law. The Invitation does not
constitute an offer to buy or a solicitation of an offer to sell any
securities in any jurisdiction to any person to whom it is unlawful
to make such offer or solicitation in such jurisdiction. In any
jurisdiction in which the Invitation is required to be made by a
licensed broker or dealer and in which any Dealer Manager or any of
its affiliates is so licensed, it shall be deemed to be made by the
Dealer Managers or such affiliates on behalf of Ecuador. See "Certain
Legal Restrictions" and "Jurisdictional Restrictions" in the
Invitation.

Ecuador will make (or cause to be made) all announcements
regarding the Invitation by press release issued to an international
news service, which is expected to be PR Newswire or another
appropriate international news service, (the "News Service"), and
will subsequently publish such announcement on the website of the
Luxembourg Stock Exchange (www.bourse.lu).

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 is:

Lucid Issuer
Services Limited
Tankerton Works12
Argyle WalkLondon
WC1H 8HAUnited
KingdomAttention:
Arlind Bytyqi and
Thomas
ChoquetE-mail:
ecuador@lucid-is.com
Tel: +44 20 7704
0880

Any questions regarding procedures for tendering Old Notes or
requests for copies of the Invitation should be directed to the
Information and Tender Agent at the telephone number above. Holders
may also contact the Dealer Managers at their telephone numbers set
forth below or its broker, dealer, commercial bank, trust company or
other nominee for assistance concerning the Invitation.

The Dealer Managers for the Invitation are:

Citigroup Global Deutsche Bank J.P. Morgan
Markets Inc.388 Securities Inc. 60 Securities LLC383
Greenwich St, 7th Wall StreetNew Madison AvenueNew
FloorNew York, NY York, New York York, NY
10013Attention: 10005Attention: 10179Attention:
Liability Liability Latin America Debt
Management Management Capital
GroupCollect: GroupCollect: MarketsCollect:
+1-212-723-6106U.S. +1-212-250-2955U.S. +1-212-834-7279U.S.
Toll-free: Toll-free: Toll-free:
+1-800-558-3745 +1-866-627-0391 +1-866-846-2874

ots Originaltext: The Republic of Ecuador
Im Internet recherchierbar: http://www.presseportal.de

Original-Content von: The Republic of Ecuador, übermittelt durch news aktuell