City of Punta del Este, Maldonado Department, Uruguay: Faroy S.A. (the
Company ) announced today the results of its invitation (the
Invitation ) to holders of its US$13,000,000 8% Senior Secured Note due 2020 (the
Existing Note ) to exchange such Existing Note for a new note (the
New Note ) to be issued on the terms and subject to the conditions described in its private invitation memorandum dated December 7, 2020 (the
Private Invitation Memorandum ).
The aggregate principal amount of the Existing Note tendered and accepted in the Invitation as of 9:00 a.m. New York Time on December 18, 2020 was US$13,000,000, representing 100% aggregate principal amount of the Existing Note. Consents delivered are sufficient to give effect to the consummation of the Exchange Offer (as defined in the Private Invitation Memorandum), to exchange the Existing Note for new step-up secured notes due 2033 (the