Armenia launches tender offer for up to $250 million of 2025 notes

By Marisa Wong

Los Angeles, Sept. 18 – The Republic of Armenia is inviting holders of its $500 million outstanding 7.15% notes due 2025 (ISIN: XS1207654853, US042207AB67) to tender for purchase for cash up to $250 million principal amount of the notes, according to a notice.

The republic is offering a purchase price of $1,020 per $1,000 principal amount.

In addition, the republic will pay accrued interest.

Tenders may be subject to proration.

Armenia said it is carrying out the tender offer in order to take advantage of its robust liquidity position, provide liquidity to noteholders and proactively reduce its outstanding debt and interest expense.

The offer expires at noon ET on Sept. 27.

Results will be announced on Sept. 28.

Payment is expected to be made on Oct. 2.

J.P. Morgan Securities plc (+44 20 7134 2468; em_europe_lm@jpmorgan.com) is the dealer manager.

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; armenia@is.kroll.com; https://deals.is.kroll.com/armenia; Owen Morris).

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