SANTO DOMINGO, Dominican Republic, May 8 Cap-Cana-RestructuresSANTO DOMINGO, Dominican Republic, May 8 /PRNewswire/ — Cap Cana, S.A. (“Cap Cana” or the “Company”) announced today that its exchange offer and consent solicitation (the “Exchange Offer and Consent Solicitation” or the “Exchange”) for the restructuring of the company's US$250,000,000 of 9.625% Senior Secured Notes due 2013 (the “Existing Notes”) has been consummated, with over 95% of aggregate principal amount of Existing Notes being validly tendered and accepted. Numerous institutional investors in Europe, North America, Asia, Latin America, and the Caribbean participated in the Exchange Offer and Consent Solicitation. The closing of the Exchange is expected to be formalized by the end of this week.Dr. Ricardo Hazoury, President of Cap Cana said, “The worldwide credit and liquidity crisis, that was exacerbated after the bankruptcy of Lehman Brothers in September of last year, virtually shut down the international capital markets for large Latin American issuers such as Cap Cana. This successful issue of new bonds in exchange for the bonds that we had issued in 2006 marks the beginning of the thawing of markets for the Latin America region as a whole.” George Spence, Cap Cana's Executive Vice President, added that, “The Company's board of directors understood from the start of the global financial markets crisis that its objective must be to position Cap Cana to be the first in the region to publicly address the effects of this crisis, but at the same time, adopt a clear strategy to maximize the viability of the project for all of its stakeholders, and bring the Company out of that crisis completely restructured.””Beginning in the fall of last year, we aggressively implemented a series of restructuring and cost reduction measures which slashed our operating and administrative expenses. We then sold off the Company's participation in a large joint venture sub-project which not only raised cash, but also took US$37 million of debt off of our books. Next, at the end of 2008, the US$100 million Term Loan that had been provided by important international lenders was completely repaid. At the beginning of 2009, we initiated a restructuring process for our US$250 million of Senior Secured Notes due 2013. This transaction has the effect of reducing Cap Cana's indebtedness by over US$50 million, and reducing the Company's obligations for payment of interest and principal for the next five years to one fifth of the amount of cash required prior to the restructuring transaction. The Exchange also extends the maturity schedule for the repayment of principal from 2010-2013 to 2014-2016. Overall, this has been one of the largest, most complex, and fastest moving restructuring processes carried out in the Dominican Republic,” added Spence. Dr. Ricardo Hazoury added that “Any visitor to Cap Cana can clearly see the significant development and the mature stage achieved by the project to date, which is visible through the extensive infrastructure and other improvements completed to date, including the network of paved boulevards and roads, power generation and distribution systems, water reservoirs and associated distribution networks, telecommunications, championship golf courses, hotels, the marina, hundreds of real estate properties delivered to buyers, including villas, condos, and lots, as well as the Cap Cana Heritage School, with approximately 300 local and international students in attendance, and very soon, as previously announced, the opening of the extension campus of the Universidad Iberoamericana university.” Furthermore, Dr. Hazoury added that “As a result of our successful debt restructuring initiatives, this month we will be re-starting the construction and development of real estate products within Cap Cana, which were temporarily scaled back at the end of last year,” in response to the acute effects of the crisis. “We are deeply grateful for the support that we have received from our international creditors, which have demonstrated their confidence in the long-term viability of Cap Cana by accepting to extend their debt maturities to 2016. At the same time, we are also thankful to our local financial institutions, which have been providing support for the project since its inception, financing the growth of Cap Cana as the largest tourism destination and real estate development in Latin America and the Caribbean region.”Cap Cana was advised in this exchange offer by The Weston Group, as dealer manager, and by Simpson Thacher & Bartlett LLP, as legal advisor, both of which are based in New York.