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UPDATE 1-Dominican says debt swap accepted 93 pct of investors
Adds details, background)
NEW YORK, May 5 (Reuters) - Dominican Republic President Leonel Fernandez said late Wednesday around 93 percent of investors accepted the country's offer to exchange $1.1 billion of its sovereign bonds for new ones.
The debt exchange, launched to drag the economy out of a deep slump, extends the maturity of two of its bonds by five years and give the country breathing room to fill projected financing gaps.
The high acceptance rate will allow the government to postpone $950 million in debt payments, the President said in a statement.
The Caribbean country exchanged $500 million in 9.5 percent bonds due 2006 for an equal amount of 9.5 percent bonds due 2011, and it exchanged $600 million in 9.04 percent bonds due 2013 for the same amount of 9.04 percent bonds due in 2018.
With these negotiations the Dominican Republic has initiated similar agreements like the ones made by Uruguay, Ecuador and Argentina, the President said in the statement.
However, unlike Argentina, which forced investors earlier this year to accept a write-off of up to 70 percent when it restructured $81.8 billion in defaulted debt, the Dominican Republic did not propose a "hair cut" on the principal amount of the bonds and its offer was regarded as "market friendly" by analysts.
The managers of the debt exchange were Morgan Stanley and UBS, while the Bank of New York was in charge of operations.
The realization of this operation meets the requirements of the Paris Club's comparability of treatment, Fernandez said. "To complete all the negotiations the country only has one other restructure left for about $60 million with private banking," Fernandez added.
© Reuters 2005. All Rights Reserved.
Zahlungsplan für neuen DR-11
Interest payments on the New 2011 Bonds will be made in cash, except that 100% of the amount of the