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Published on 9/24/2018 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Albania tenders for €200 million of 5¾% notes due 2020 via new issue

By Susanna Moon

Chicago, Sept. 24 – The Republic of Albania, through its Minister of Finance and Economy, is tendering for up to €200 million principal amount of its €450 million of 5¾% notes due 2020.

The purchase price will be 109.75% of par plus accrued interest up to but excluding the settlement date.

The tender offer will remain open until 11 a.m. ET on Oct. 1.

The tender is being held to “manage upcoming debt repayments and to extend the average debt maturity profile of the offeror,” according to an announcement.

Albania plans to issue euro-denominated fixed-rate notes with some proceeds of the issue to be used to purchase the notes.

The tender is contingent on pricing of the new issue and subscription agreement being in place at settlement, the release said.

Albania has mandated Banca IMI, Citigroup and Societe Generale CIB to arrange a series of fixed income investor meetings regarding a planned euro-denominated offering of notes with an intermediate tenor, as reported Monday by Prospect News.

Noteholders who subscribe for new notes in addition to tendering in the offer may receive priority in the allocation of the new issue, the release noted.

Tender instructions must be sent for a minimum principal amount of €100,000 and in integrals of €1,000 after that.

Settlement is expected to occur on Oct. 9.

Banca IMI SpA (+39 02 72615938 or liability.management @bancaimi.com), Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe @citi.com) and Societe Generale (+44 20 7676 7680 or liability.management@sgcib.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or albania@lucid-is.com) is the tender agent.


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