Mongolia begins any-and-all cash tender offer for 8¾% bonds due 2024

By Mary-Katherine Stinson

Lexington, Ky., Nov. 20 – The government of Mongolia announced an any-and-all cash tender offer on its outstanding $392,563,000 8¾% bonds due March 2024 (Cusips: Y6142NAA6, 60937LAA3), according to a notice.

The government is offering to purchase tendered bonds for $1,010 per $1,000 in principal amount plus accrued interest.

Tender instructions are irrevocable and cannot be withdrawn.

The offer will expire at 5 p.m. ET on Nov. 27 with final results announced around Nov. 29.

Settlement is slated for Dec. 5.

The purpose of the offer is to extend the maturity profile of a portion of the government’s external debt.

Concurrently, Mongolia is conducting an offering of debt securities. The tender offer is conditioned on the completion of the new issue, as the proceeds will be used for the redemption.

Bondholders who wish to tender their bonds and subscribe for the new bonds should contact any dealer manager to obtain an allocation identifier code.

J.P. Morgan Securities plc (+852 2800 8219, +852 2800 7632, liability_Management_HK@jpmorgan.com) and HSBC Ltd. (888-HSBC-4LM, +852 3941 0223, +44 20 7992 6237, 212 525-5552, liability.management@hsbcib.com) are the dealer managers for the tender offer.

Morrow Sodali (+44 20 4513 6933, 203 658-9457, +852 2319 4130, mongolia@investor.morrowsodali.com) is the tender and information agent.

The offer website is https://projects.morrowsodali.com/mongolia.

The government plans to fund the tender offer using the notes’ proceeds.

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