Jamaica gives tender amounts for three note series due 2025, 2028

By William Gullotti

Buffalo, N.Y., Oct. 30 – The government of Jamaica released the tendered amounts from its capped cash tender offer for three series of notes, according to a press release on Monday.

As of the offer expiration at 5 p.m. ET on Oct. 27, Jamaica received notes tendered from the following series:

• $86,821,000 of the 7 5/8% notes due 2025 (Cusip: 470160BQ4), with $381,176,000 original principal amount outstanding and $254,118,603.92 principal amount outstanding reflecting amortization, at $1,020;

• $10,169,000 of the 9¼% notes due 2025 (Cusip: 470160AT9), with $85,225,000 original principal amount outstanding and $85,225,000 principal amount outstanding reflecting amortization, at $1,052.50; and

• $165,151,000 of the 6¾% notes due 2028 (Cusip: 470160CA8), with $1,421,447,000 original principal amount outstanding and $1,421,447,000 principal amount outstanding reflecting amortization, at $1,015.

The purchase price is per $1,000 original principal amount and will be multiplied by the amortization factor, if applicable.

As previously reported, the amortization factor is 0.66666667 for the 7 5/8% notes.

The government will also pay accrued interest.

If tenders exceed the offer cap, tendered notes may be subject to proration.

According to the press release, Jamaica expects to announce the accepted amounts of tendered notes at 4 p.m. ET on Oct. 31.

Settlement has been pushed out to Nov. 3 from Nov. 2, as the announcement regarding the satisfaction of the financing condition is expected at 12 p.m. ET on the updated settlement date.

As previously reported, the invitation was not conditioned on any minimum participation of any series of old notes but is conditioned on, among other things, the pricing and closing of an international capital markets transaction.

The dealer managers for the invitation are BofA Securities, Inc. (646 855-8988 or 888 292-0070) and Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745).

The tender and information agent is Global Bondholder Services Corp. (212 430-3774 or 855 654-2014; http://gbsc-usa.com/Jamaica/).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.