March 15, 2013
Ecuador plans to launch an exchange offer by June for holdout creditors from its $3.2 billion 2008 default, the country’s deputy finance minister Fausto Herrera has told LatinFinance. The exchange would clear the way for a sovereign bond issue of between $400 million and $500 million in the coming year, he added.
“We’re going to do a new offer in the first semester of this year to resolve the holdouts,” Herrera said, adding the terms would be “a little more favorable” than its previous exchange offer in 2009, when it repurchased about $3.2 billion in defaulted bonds at 35 cents on the dollar.
“President [Rafael] Correa believes we have the financial strength to go to the market with a
Ecuador plans to launch an exchange offer for holdout creditors, clearing the way for a new sovereign bond sale, deputy finance minister Fausto Herrera said.