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The Republic of Paraguay - Tender Offer - Launch

Republic of Paraguay - Announcement of Offer to Purchase Existing Bonds

28 JUNE 2023

Full announcement including disclaimers and offer restrictions available via Prnewswire (Source: The Republic of Paraguay)

"ASUNCIÓN, Paraguay, June 28, 2023 /PRNewswire/ -- The Republic of Paraguay ("Paraguay") announced today the commencement of an offer to purchase for cash (the "Offer") from each registered holder or beneficial owner (each, a "Holder" and, collectively, the "Holders") outstanding bonds set forth in the table below (the "Existing Bonds"), such that the maximum amount to be paid for the Existing Bonds validly tendered and accepted for purchase pursuant to the Offer, not including interest accrued and unpaid thereon, is to be determined by Paraguay in its sole discretion (the "Maximum Purchase Price"). The terms and conditions of the Offer are set forth in the offer document, dated June 28, 2023 (the "Offer Document").

The Offer is not conditioned upon any minimum participation of the Existing Bonds, but is conditioned, among other things, on the concurrent (or earlier) closing of a new series of global bonds due 2035 to be denominated in U.S. dollars (the "New Bonds"), in an aggregate principal amount, with pricing and on terms and conditions acceptable to Paraguay in its sole discretion (the "New Bonds Offering"). The New Bonds Offering will be made solely by means of an offering memorandum relating to that offering of the New Bonds, and neither this announcement nor the Offer Document constitutes an offer to sell or the solicitation of an offer to buy the New Bonds.

The purchase price to be paid per U.S.$1,000 principal amount of each series of Existing Bonds that are accepted pursuant to the Offer will be an amount equal to the fixed price indicated in the table below (the "Purchase Price"). In addition to the Purchase Price, Holders whose Existing Bonds are accepted for purchase in the Offer will also receive any accrued and unpaid interest from, and including, the last interest payment date for such Existing Bonds up to, but excluding, the Settlement Date (the "Accrued Interest"). If the aggregate Purchase Price for all validly tendered Existing Bonds (the "Tendered Aggregate Purchase Price") would exceed the Maximum Purchase Price, then Paraguay will, in its sole discretion, apply a proration factor to the Tenders (as defined below)."


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