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Uzbekistan accepts UZS 1.89 trillion tendered 14˝% notes due 2023
By Marisa Wong
Los Angeles, Oct. 5 – The government of Uzbekistan announced the final results of its cash tender offer for its UZS 2 trillion 14˝% notes due in 2023 (ISIN: XS2264056313, US91822Q2D80).
The republic started the tender offer on Sept. 28 as a capped offer for half of the outstanding Rule 144A and Regulation S notes and then modified the offer on Oct. 2 to accept any and all of the tendered notes.
The republic has accepted for purchase UZS 1,889,070,000,000 of tendered notes, leaving UZS 110.93 billion principal amount outstanding after the offer settles.
The purchase price is par of UZS 10 million. However, settlement will be in U.S. dollars, based on an exchange rate of UZS 12,207.92 per $1.
Interest will also be paid to the payment date.
The tender offer expired at 5 p.m. ET on Oct. 4.
Payment will be made on or about Oct. 12.
The issuer said it expects the offer’s financing condition to be met by the payment date. The republic is concurrently offering new som-denominated notes.
Tendering noteholders may be given priority allocation in the new offering, as previously noted.
Notes acquired in the tender offer will be cancelled.
The rationale for the tender offer is that the issuer is attempting to proactively extend the weighted average maturity of its existing public debt and to refinance the major share of upcoming redemptions of public debt, as previously reported.
The dealer managers for the offer are Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), ICBC Standard Bank plc (+44 20 3145 5000, DCM@icbcstandard.com), J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com, MUFG Securities EMEA plc (+44 77 9693 8194, liability.management@mufgsecurities.com) and Societe Generale (+33 1 42 13 32 40, liability.management@sgcib.com).
Citibank, NA, London Branch (+44 20 7508 3867, Citiexchanges@citi.com) is the tender agent.
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