#Cash Tender Offer #Paraguay #Asunción #Paraguay Bonds Tender #Acceptable Purchase Price

Paraguay's Tender Offer for Existing Bonds: Important Results

The Republic of Paraguay has officially revealed the results of its cash tender offer, addressing the aggregate principal amounts for its existing bond series. This announcement, which was made on February 25, 2026, provides critical information for investors and holders who participated in the offer.

The tender offer aimed to purchase existing bonds from registered holders under the terms announced in the offer document dated February 17, 2026. A crucial factor of the offer was its expiration, which occurred on February 23, 2026, at 5:00 PM New York City time. This deadline was set as part of the structured purchase plan that the government outlined.

Key Details of the Offer

Holders of the existing bonds were given specific purchase prices for different bond series. The purchase price for each $1,000 principal amount of accepted bonds is separate for each series, suggesting detailed differentiation in bond valuations. Additionally, in the case of accepted bids, holders would receive both the purchase price and any accrued unpaid interest from the last payment date leading up to the settlement.

For the 2027 Bonds, Paraguay has set a maximum aggregate purchase price of $306,735,030. For the 2031 Bonds, the maximum stands at $214,567,689. As it turns out, the tendered amount for the 2031 Bonds exceeded the cap, leading to a prorating based on the factors indicated in the official table. This assures that the tendered aggregate purchase price remains in line with the maximums specified and refrains from surpassing the government’s established limits.

The total tendered amount for the bonds is as follows:

• - 2027 Bonds: Tendered Amount - $302,202,000; Accepted Amount - $302,202,000.
• - 2031 Bonds: Tendered Amount - $437,804,000; Accepted Amount - $210,103,000.

The latter figure indicates that a prorating fraction of 0.480 will be applied due to the excess amount against the maximum purchase price.

Next Steps for Holders

The settlement date for those validly tendered and accepted bonds is anticipated for March 4, 2026; however, this is subject to potential changes without prior notice. Hence, holders are encouraged to stay aware of any updates regarding the tender and settlement process.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC have acted as the Dealer Managers throughout this offer. The handling of related inquiries is placed with Global Bondholder Services Corporation, tasked as the depositary agent as well as the information medium pertaining to the offer.

Conclusion

This tender offer marks an important financial maneuver for Paraguay, as it seeks to manage its debt obligations while providing opportunities for bondholders who wish to liquidate their holdings at favorable terms. The results and respective details are anticipated to influence further investment considerations within Paraguay's evolving market. Future bond offerings may follow, contingent on the success and settlement of this tender.

Investors looking to inquire more about these bonds or future offerings are advised to reach out to the contact information provided by the tender and information agent, or through the respective Dealer Managers, fostering a transparent and informative dialogue regarding Paraguay's financial strategies and bond management efforts.