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Mongolia starts capped tender offers for bonds due 2022, 2023
Chicago, June 21 – Mongolia started capped tender offers for its $799,192,000 outstanding 5 1/8% bonds due 2022 (Cusips: 60937GAB2, 60937FAB4) and its $800 million outstanding 5 5/8% bonds due 2023 (Cusips: Y6142NAB4, 60937LAB1), according to an announcement.
The government is offering $1,048.65 per $1,000 note for the 2022 series.
The government will pay $1,060.35 per $1,000 note for the 2023 series.
Interest will also be paid to the settlement date.
The maximum acceptance amounts have not yet been announced. The amounts will be based on the proceeds from a new issue of bonds which is expected to be $600 million. The total accepted from the two series will not exceed the new issuance amount.
Tendering bondholders may submit their bonds with an allocation identifier code if they wish to subscribe to the new bonds.
Tenders may be subject to proration.
The purpose of the offer is to extend the government’s external debt.
The offer expires at 5 p.m. ET on June 25.
The maximum acceptance amount will be announced at 9 p.m. ET on June 27, with an announcement of the tender instructions received.
Final results will be announced June 29.
Settlement is planned for July 7.
Dealer managers are J.P. Morgan Securities plc (+44 20 7134 1470, +852 2800 8219, Liability_Management_HK@jpmorgan.com), Morgan Stanley & Co. International plc (800 624-1808, 212 761-1057, +44 207 677 5040, +852 2239 1484, apsynd@morganstanley.com), Nomura International (Hong Kong) Ltd. (+852 2536 7056, +44 20 7103 2454, liability.management@nomura.com) and HSBC Ltd. (1-888-HSBC-4LM, +852 3941 0223, +44 207 992 6237, 212 525 5552, liability.management@hsbcib.com).
Morrow Sodali Ltd. is the tender and information agent (+44 208 089 3287, 203 609 4910, 852 2319 4130, mongolia@investor.morrowsodali.com, https://bonds.morrowsodali.com/mongolia).
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