By Susanna Moon
Chicago, May 14 - Montenegro, acting through its Ministry of Finance, said it priced the exchange offers for its outstanding €200 million of 7 7/8% notes due 2015 and €180 million of 7¼% notes due 2016.
In the exchange offer, the government will issue €85,061,000 of 5 3/8% notes due May 20, 2019 priced at 99.466% of par for a new issue yield of 5½%. The exchange ratio is 1.040557%.
As previously announced, holders had tendered for exchange €44,853,000 of the 7 7/8% notes and €36,904,000 of the 7¼% notes by the end of the exchange offer at 11 a.m. ET on May 12.
In the tender offer, holders had tendered about €787,000 of the 7 7/8% notes and €1.3 million of the 7¼% notes. The issuer previously said it expected to accept all of the tendered notes for purchase.
Pricing for the exchange offer was set at 9 a.m. ET on May 13. The offers began on April 30.
After settlement on May 20, there will remain outstanding €154,360,000 of 7 7/8% notes and €141,796,000 of 7¼% notes.
As previously announced, holders could either exchange their notes for new euro-denominated fixed-rate notes or offer to sell their notes for a cash payment.
The offer price was €1,035 per €1,000 principal amount of notes tendered or submitted for exchange.
The company also will pay accrued interest to but excluding the settlement date.
In the exchange offer, holders had to tender enough notes to be able to receive at least the minimum denomination of €100,000 notes.
In the tender offer, holders had to tender for purchase a minimum of €50,000 principal amount of the 7 7/8% notes, and integral multiples of €1,000 after that, and a minimum of €100,000 principal amount of the 7¼% notes, and integral multiples of €1,000 after that.
The dealer managers were Citigroup Global Markets Ltd. (44 (0) 20 7986 8969, attn.: liability management group, liabilitymanagement.europe@citi.com), Deutsche Bank AG, London Branch (44 (0) 20 7545 8011, attn.: liability management group, liability.management@db.com) and Erste Group Bank AG (43 (0) 5 0100 87492, attn.: Mladen Djurdjevic, syndicate, fax 43 (0) 5 0100 987492, mladen.djurdjevic@erstegroup.com).
The tender and exchange agent was Citibank, NA (44 207 508 3867, fax 44 203 320 2405, exchange.gats@citi.com).
New notes
| Issuer: | Montenegro
|
| Issue: | Notes
|
| Amount: | €85,061,000
|
| Maturity: | May 20, 2019
|
| Coupon: | 5 3/8%
|
| Price: | 99.466
|
| Yield: | 5½%
|
| Pricing date: | May 13
|
| Settlement date: | May 20
|
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