New Issue: Jamaica prices J$46.6 billion of 9 5/8% notes due 2030

By Mary-Katherine Stinson

Lexington, Ky., Nov. 1 – The government of Jamaica priced a Jamaican dollar-denominated note offering (B1/BB-), which will be payable in U.S. dollars, according to a 424B3 filing with the Securities and Exchange Commission.

The J$46.6 billion of 9 5/8% notes due Nov. 3, 2030 sold at 99.376 to yield 9¾%.

Payment of the public offering price in U.S. dollars is based on an exchange rate of J$155.1338 per $1.00, which is the average of the representative market rates for each business day in the 10 business day period ended Oct. 30.

The notes are non-callable.

Citigroup Global Markets Inc. and BofA Securities, Inc. are the joint lead underwriters.

The net proceeds will be about $297,410,681. The government intends to use about $238,963,629 of the net proceeds to fund the tender offer launched on Oct. 19 for Jamaica’s 7 5/8% notes due 2025, 9¼% notes due 2025 and 6¾% notes due 2028, with the remainder of the proceeds earmarked for general budgetary purposes.

Issuer:	Jamaica
Amount:	J$46.6 billion
Issue:	Notes
Maturity:	Nov. 3, 2030
Bookrunners:	Citigroup Global Markets Inc. and BofA Securities, Inc.
Trustee:	Deutsche Bank Trust Co. Americas
Counsel to issuer:	Attorney General’s Chambers of Jamaica and Paul Hastings LLP (New York law)
Counsel to bookrunners:	Cleary Gottlieb Steen & Hamilton LLP (U.S. law) and Patterson Mair Hamilton (Jamaican law)
Coupon:	9 5/8%
Price:	99.376
Yield:	9¾%
Call features:	Non-callable
Pricing date:	Oct. 31
Settlement date:	Nov. 3
Ratings:	Moody’s: B1
	S&P: B-
Distribution:	SEC registered and Regulation S
Cusip:	470160CF7

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