Advised the Ministry on the biggest-ever debt-for-nature swap transaction to date. This landmark transaction involved the exchange of Ecuador’s sovereign debt -- consisting of existing Step-Up Coupon Notes issued by Ecuador and due 2030, 2035 and 2040 (which were tendered for purchase by their respective noteholders under a cash tender offer announced and conducted by Credit Suisse International (CSI)) -- for new sovereign debt consisting of a term facility granted to Ecuador.
Under the transaction, Ecuador, as borrower, entered into a fixed-rate term facility with GPS Blue Financing Designated Activity Company (GPS Blue), as lender, and The Bank of New York Mellon (BNYM), as facility agent, in an aggregate principal amount of approximately US$ 656 million, maturing in 2041, with a 7-year grace period for principal repayments.