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

PR79278

QUITO, Ecuador, June 18, 2019 /PRNewswire=KYODO JBN/ --

The Republic of Ecuador ("Ecuador") announced today the results of its

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 (the "Aggregate Maximum Tender

Amount"). The Invitation expired as scheduled at 8:00 a.m., New York time, on

June 17, 2019. Capitalized terms not defined in this communication have the

meanings specified in the Invitation.

The following table sets forth the results of the Invitation:

Securities     ISINs and      Principal       Principal       Percentage of  

Principal Amount  Proration    Principal

        Common       Amount       Amount       Principal      Accepted for      

Factor       Amount

        Codes       Outstanding     Tendered       Amount      

Purchase              Remaining

                                  Tendered(1)               Outstanding

10.500%        Rule 144A      U.S.$           U.S.$           93.28%      

U.S.$             86.7496335%  U.S.$324,630,000

Notes        ISIN:          1,500,000,000   1,399,233,000                  

1,175,370,000

due March 24,  XS1199930329      

2020 (the      Common Code:

“2020          119993032      

Notes”)        Regulation S      

        ISIN:

               XS1199929826      

        Common Code:

               119992982      

______________________

(1) Principal amount of Old Notes tendered pursuant to the Invitation expressed

as an approximate percentage of the aggregate principal amount of Old Notes

outstanding.

Holders whose Old Notes are accepted for purchase (after proration) by Ecuador

will be entitled to receive for such Old Notes the applicable Purchase Price

plus Accrued Interest (if any), which will be paid on the Settlement Date, if

the conditions of the Invitation are met. The Settlement Date is expected to

occur on June 18, 2019, subject to the terms and conditions set forth in the

Invitation. Ecuador reserves the right, in its sole discretion, to delay the

Settlement Date without extending the Withdrawal Deadline.

Any holder who fails to make delivery in accordance with the Invitation shall

not be entitled to receive any payment therefore unless Ecuador, in its sole

discretion, determines to waive any such failure.

Ecuador will use the proceeds from the issuance of the New Notes in the New

Notes Offering for cash to pay for Old Notes purchased pursuant to the

Invitation.

Ecuador will cancel Old Notes purchased pursuant to the Invitation following

the Settlement Date.

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 was:

Lucid Issuer Services Limited

Tankerton Works

12 Argyle Walk

London WC1H 8HA

United Kingdom

Attention: Arlind Bytyqi and Thomas Choquet

E-mail: ecuador@lucid-is.com

Tel: +44 20 7704 0880

The Dealer Managers for the Invitation were:

Citigroup Global Markets Inc.

388 Greenwich St, 7th Floor

New York, NY 10013

Attention: Liability Management Group

Collect: +1-212-723-6106

U.S. Toll-free: +1-800-558-3745

Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

Attention: Liability Management Group

Collect: +1-212-250-2955

U.S. Toll-free: +1-866-627-0391

Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

Attention: Liability Management Group

Collect: +1-212-250-2955

U.S. Toll-free: +1-866-627-0391

Source: The Republic of Ecuador