Maldives launches tender offer for 7% notes due 2022

Chicago, March 22 – The Republic of Maldives has launched a tender offer for its $250 million outstanding 7% notes due 2022 (ISIN: XS1617562290), according to an announcement.

The notes were issued in two parts in June 2017 and December 2017.

The rationale for the tender offer is to extend the maturity profile of the republic.

The tender consideration is par plus unpaid interest to, but excluding, the payment date.

The offer is conditioned on a new offer of dollar-denominated trust certificates.

The trust certificates will be issued by Maldives Sukuk Issuance Ltd.

Tendering noteholders may be given priority in the allocation of the new notes.

The tender offer will expire at 2 p.m. ET on March 30.

Dealer managers for the offer are Credit Suisse (Singapore) Ltd. (+852 2101 7700, list.hkdcmsyndicate@credit-suisse.com), Emirates NBD Bank PJSC (+97143032800, +97143254332, dcmsf@emiratesnbd.com), HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, liability.management@hsbcib.com) and Islamic Corp. for the Development of the Private Sector (+966 12 646 8217, ICD-Project-Bird@isdb.org).

Morrow Sodali Ltd. is the information and tender agent (+44 20 8089 3287, +852 2319 4130, maldives@investor.morrowsodali.com, https://bonds.morrowsodali.com/maldives).

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