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LOUISE M. PARENT OF COUNSEL |
April 6, 2018
VIA EDGAR CORRESPONDENCE
Mr. Corey Jennings
Special Counsel
Securities and Exchange Commission
Division of Corporation Finance
100 F Street, NE
Washington, D.C. 20549
| Re: República | Oriental del Uruguay |
Registration Statement under Schedule B
Filed March 6, 2018
FileNo. 333-223463
Annual Report for 2016 Filed under Form18-K
Filed May 24, 2017
FileNo. 333-07128
Dear Mr. Jennings:
This letter responds to comments of the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) set forth in the letter dated April 3, 2018 (the “April 3 letter”), regarding the above-referenced Registration Statement under Schedule B (the “Registration Statement”) and the annual report on Form18-K for the fiscal year ended December 31, 2016 (the “18-K”) of the Republic of Uruguay (the “Republic” or “Uruguay”). With this letter, Uruguay is filing Amendment No. 1 to Uruguay’s18-K (“18-K/A”) setting forth information consistent with its undertaking to reflect, during any period in which offers or sales are being made, in the prospectus (or a report filed under the U.S. Securities Exchange Act of 1934 that is incorporated by reference) any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereto) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement.
For your convenience, we have reproduced below in bold the Staff’s comments numbered to correspond with the numbers in your April 3 letter, and provided responses immediately below the comments. Capitalized terms used but not defined shall have the meaning set forth in the18-K.
Cleary Gottlieb Steen & Hamilton LLP or an affiliated entity has an office in each of the cities listed above.
Schedule B
General
1. To the extent possible, please update all statistics and information in the registration statement and the Form18-K to provide the most recent data, including, for example, in the following areas:
| • | The data between 2013 and 2016 referenced as preliminary in the summary chart on pageD-5 of the Form18-K filed on May 24, 2017; and |
In response to the Staff’s comment, the Republic has advised that information for 2013, 2014 and 2015 is no longer preliminary and that it has included in the18-K/A a summary chart setting forth the most recent statistical data available (marking as preliminary only information set forth in the chart that as of the date of the 18 K/A is not yet final, which does not include information for 2013, 2014 or 2015).
| • | The bonds and loans whose maturity date has passed under “Public Sector Debt” in the Form18-K filed on May 24, 2017. |
In response to the Staff’s comment, the Republic has advised that it will delete references to bonds and loans that have matured and been repaid in its annual report for 2017 that the Republic intends to file under Form18-K by no later than October 2018, as undertaken in its letter to the Securities and Exchange Commission dated February 24, 2005. The Republic respectfully submits that since the updated information would not constitute a “fundamental change”, its approach is in accordance with Item 3 of Form18-K, which requires “A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.”
Schedule B
Meetings, Amendments, and Waivers, page 10
2. Please include discussion of the requirements for a quorum for meetings.
In response to the Staff’s comment, the Republic notes that the indenture dated as of October 27, 2015, the form of which was filed with the SEC on October 19, 2015 as an Exhibit to Form18-K/A to the Republic’s annual report for the fiscal year dated December 31, 2014 (FileNo. 333-07128), contains no quorum requirement for bondholders’ meetings. The requisite consent to an amendment of the terms and conditions of any series of bonds issued under the indenture, whether at a bondholders’ meeting or by written consent, is determined solely by reference to the outstanding principal amount of the relevant series of bonds.
Where You Can Find More Information, page 28
3. Please include the file number associated with annual reports incorporated by reference under this heading.
In response to the Staff’s comment, the Republic will include the file number associated with annual reports in any prospectus supplement filed in connection with any offering made under the Registration Statement and in any future base prospectus that the Republic files with the SEC as part of a shelf registration statement.
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We are grateful for your assistance in this matter. Please do not hesitate to call me at 1 (212) 225 2208 or +54 11 5556 8901 with any questions that you may have with respect to the foregoing.
Very truly yours,
By: /s/ Andrés de la Cruz |
| Andrés de la Cruz |
| Cleary Gottlieb Steen & Hamilton LLP |
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