Romania accepts $242.61 million notes under one-day tender offer

By Marisa Wong

Los Angeles, Jan. 5 – Romania announced the results of its one-day switch and tender offer for its $1,281,989,000 4 3/8% notes due Aug. 22, 2023 (ISIN: US77586TAC09, US77586RAB69) and $887,958,000 outstanding 4 7/8% notes due Jan. 22, 2024 (ISIN: US77586TAD81, US77586RAD26). The offer expired at 11:15 a.m. ET on Jan. 5.

Romania has accepted for purchase all $98,402,000 of preferred tenders of 2023 notes and all $144,206,000 of preferred tenders of 2024 notes.

The issuer has decided to accept none of the $62,554,000 of non-preferred tenders of 2023 notes and none of the $14.34 million of non-preferred tenders of 2024 notes.

Preferred tenders are tender orders that were submitted concurrently with submission of a corresponding bid for new notes. Preferred tenders had priority in acceptance over non-preferred tenders.

The offer and the acceptance amounts are not conditioned on any minimum participation of any series of notes but are conditioned, among other things, on the pricing, but not the closing, of an offering of new dollar-denominated bonds due 2028. The new notes are expected to price later in the day on Thursday. Romania plans to use a portion of the proceeds from the new notes to purchase the existing notes under the tender offer.

The purchase price is $997.70 per $1,000 principal amount of 2023 notes and $998.60 per $1,000 principal amount of 2024 notes, as disclosed in an earlier announcement on Thursday.

Settlement is expected to occur on Jan. 10.

HSBC Continental Europe is billing and delivering bank for the offer.

BNP Paribas (liability.management@bnpparibas.com; +33 1 55 77 78 94), HSBC Continental Europe (LM_EMEA@hsbc.com; +44 20 7992 6237), ING Bank NV (liability.management@ing.com; +44 20 7767 6784), Raiffeisen Bank International AG (tmg@rbinternational.com / projectbondsyndication@rbinternational.com; +43 1 71707 3727) and UniCredit Bank AG (liability.management@unicredit.de; +49 89 378 15150) are dealer managers for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; romania@is.kroll.com; https://deals.is.kroll.com/romania) is the information agent.

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