Serbia accepts $900 million of tendered 7¼% notes due 2021

By Taylor Fox

New York, Nov. 23 – The Republic of Serbia announced the results of its cash tender offer for up to $900 million of its outstanding $1.6 billion 7¼% notes due 2021 (ISIN: XS0680231908), according to a notice.

The republic intends to accept $900 million of the notes validly tendered for purchase, subject to proration in accordance with the terms of the tender offer memorandum with an indicative proration factor of 73.37%.

The offer expired at 5 p.m. ET on Nov. 20.

As previously reported, the issue was originally sized at $2 billion.

The notes will be repurchased for $1,057 per $1,000 face amount of notes.

Financing for the tender offer is expected to come from the issuance of new notes and funds from the republic’s budget.

An allocation identifier code for noteholders can be obtained from the dealer managers.

Settlement is planned for Dec. 1.

Dealer managers for the offer are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), Deutsche Bank AG, London Branch, (+44 20 7545 8011), J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com) and UniCredit Bank AG (+49 89 378 15150, liability.management@unicredit.de).

Lucid Issuer Services Ltd. is the tender and information agent (+44 20 7704 0880, serbia@lucid-is.com).

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