#Ecuador #Tender Offer #Notes #Quito

Ecuador's Cash Tender Offer Highlights

On January 26, 2026, the Republic of Ecuador announced the principal amounts of each series of notes that have been validly tendered as part of its cash tender offer. This offer, which had been open to registered holders of the notes, concluded on January 23, 2026, at 11:00 AM EST. The tangible results reflect the active participation of investors in this financial initiative.

Details of the Tender Offer

The tender offer was designed to acquire various series of bonds, collectively known as the “Notes.” Here are the specifics:

• - Step-Up Coupon Notes due 2030: In this series, a total of $2,482,127,807 was validly tendered. This figure represents an impressive 81.62% of the outstanding amount.
• - Step-Up Coupon Notes due 2035: For this series, $2,122,917,673 was tendered, amounting to 32.65% of the total outstanding principal.

Both series of these notes are listed on the Euro MTF Market managed by the Luxembourg Stock Exchange. Such a high percentage of tenders indicates robust investor confidence in Ecuador's financial strategies.

Conditions and Expectations

For the tender offer to be successfully executed, it was contingent upon the concurrent closing of one or more series of new global notes. The funds raised through these new notes are expected to finance a portion of the cash purchase offer. The detailed terms and conditions, as outlined in the offering circular dated January 16, 2026, govern the commitments and expectations surrounding this financial maneuver.

The Republic plans to complete the settlement of this offer by January 29, 2026, provided all conditions are fulfilled. Holders of the accepted notes are entitled to receive both the purchase price for their tendered notes and any accrued interest.

Announcement Timeline

On January 27, 2026, Ecuador will announce critical details regarding the outcome of the offered tenders, including:

• - Acceptance status of valid tenders
• - The maximum aggregate purchase price for each series
• - The quantity of notes accepted for purchase
• - Any application of proration factors related to the tendered amounts

This announcement could pave the way for forthcoming financial engagements and strategic initiatives undertaken by the Republic.

Role of Financial Advisors

Morrow Sodali International LLC, operating under the name Sodali Co, acts as the information and tender agent for this offer. Additionally, BofA Securities, Inc. and Citigroup Global Markets Inc. serve as Dealer Managers, while Centerview Partners LLC provides financial advisory services to the Republic throughout this process.

For prospective investors looking to engage with the new notes offering, further information is available through the official transaction website set up by the information and tender agent.

Conclusion

Ecuador's timely announcement on the cash tender offer highlights its proactive approach to managing national debt and enhancing financial stability. As the nation moves ahead with its capital strategies, stakeholders remain keen on witnessing how these initiatives unfold in the broader economic context. This tender offer underlines not only the financial robustness of the Republic but also reflects an ongoing commitment to engaging and rewarding its investor base effectively.