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San Marino begins any-and-all tender offer for 3¼% notes due 2024
By Marisa Wong
Los Angeles, May 9 – Republic of San Marino is inviting holders of its outstanding €340 million 3¼% notes due Feb. 24, 2024 (ISIN: XS2239061927) to tender their notes for purchase for cash, according to a notice.
The republic is offering to purchase any and all of the notes at par.
The company will also pay accrued interest to but excluding the settlement date.
The offer expires at 11 a.m. ET on May 16.
Results will be announced on May 17.
Settlement is expected to occur on May 19.
The tender offer is subject to a new financing condition.
The republic announced on Tuesday that it intends to issue new euro-denominated fixed-rate notes.
Holders who participate in the tender offer and wish to subscribe for the new notes may receive priority in allocation of the new notes.
Goldman Sachs International (liabilitymanagement.eu@gs.com) is dealer manager for the tender offer.
The tender agent is Morrow Sodali Ltd. (sanmarino@investor.morrowsodali.com; https://projects.morrowsodali.com/ SanMarino; +44 20 4513 6933 or +852 2319 4130).
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