Ecuador Said to Step Up Offers to Buy Defaulted Bonds

May 6 (Bloomberg) -- Ecuador is stepping up efforts to repurchase its defaulted bonds and pave the way for a new foreign debt sale, offering creditors more than it paid in a 2009 buyback, three people with knowledge of the terms said.

* Ecuador is approaching holders on a one-by-one basis with

offers to pay at least 50 cents on the dollar for the notes,

according to two of the people, who asked not to be

identified because the information is private; the offer is

up from the 35-cent price the country paid in 2009, months

after defaulting on $3.2b of securities * President Rafael Correa said last month that he’s looking to

issue bonds overseas this yr, in what would be the first

sale to international investors since the default, after

relying mostly on China for financing over the past several


For Related News and Information: Serial Defaulter Tag to Haunt Ecuador in Bond Sale: Andes Credit NSN N4G5GK6TTDS0 <GO> Defaulted Bonds in Demand as Ecuador Studies Offer: Andes Credit NSN MMUSUZ6TTDSA <GO>

To contact the reporters on this story: Nathan Gill in Quito at +593-2-223-8939 or; Katia Porzecanski in New York at +1-212-617-0408 or To contact the editors responsible for this story: Brendan Walsh at +1-212-617-4831 or; David Papadopoulos at +1-212-617-5105 or Bradley Keoun

Before it's here, it's on the Bloomberg Terminal.