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Chile plans five-day exchange offer for up to 4.95 billion of notes
By Mary-Katherine Stinson
Lexington, Ky., June 28 The Republic of Chile intends to launch an offer that is expected to last at least five days to exchange about 4.95 of eligible euro-denominated notes from four series for newly issued notes due in 2034, according an FWP filed with the Securities and Exchange Commission.
Holders of the following notes will be invited to tender their notes for exchange:
1,641,550,000 outstanding 1 5/8% notes due Jan. 30, 2025 (ISIN: XS1151586945) with an expected eligible notes spread of minus 45 basis points;
1,109,770,000 outstanding 1Ύ% notes due Jan. 20, 2026 (ISIN: XS1346652891) with an expected eligible notes spread of minus 5 bps;
709,103,000 outstanding 1.44% notes due Feb. 1, 2029 (ISIN: XS1760409042) with an expected eligible notes spread of 55 bps; and
1,490,756,000 outstanding 1 7/8% notes due May 27, 2030 (ISIN: XS1236685613) with an expected eligible notes spread of 60 bps.
In exchange for each 1,000 in principal tendered and accepted holders will receive 1,000 principal of new notes multiplied by the relevant exchange ratio.
The new notes spread is expected to be announced together with the invitation after the expected pricing of the new notes.
The remainder of the relevant pricing details, including the applicable yield based on interpolated mid-swaps, are expected to be spotted at or around 10:00 a.m. ET on the offers expiration date.
The expected settlement date is expected to take place after and be conditioned on the settlement of a related new notes offering for notes due 2034, which will fungible with the exchange notes issued.
Chile announced on June 28 that it intends to offer new euro-denominated sustainability-linked notes.
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