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Jamaica accepts all tenders under offer for three notes due 2025, 2028
By Wendy Van Sickle
Columbus, Ohio, Oct. 31 – The government of Jamaica said it accepted all notes tendered under its capped cash tender offer for three series of notes, according to a press release on Tuesday.
The offer expired at 5 p.m. ET on Oct. 27.
Jamaica received and accepted the following tender amounts:
• $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 the total purchase price for all accepted notes is $237,369,417.50.
As previously reported, the amortization factor is 0.66666667 for the 7 5/8% notes.
The government will also pay accrued interest.
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/).
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