Oman to accept $701.08 million tendered notes from eight series

By Marisa Wong

Los Angeles, June 30 – The Government of the Sultanate of Oman, represented by the Ministry of Finance, announced the final results of its cash tender offers for eight series of notes up to a maximum purchase price of $1.75 billion.

The issuer announced early Wednesday that it had received tenders for $1,020,042,000 aggregate principal amount of notes as of the expiration deadline at 5 p.m. ET on June 28.

The issuer later confirmed that it expects to accept for purchase $701,076,000 of the notes. The issuer also announced pricing for the tender offers.

The issuer expects to accept for purchase the following notes at the following purchase prices per $1,000 principal amount:

• $100,844,000 of the $1.25 billion outstanding 4 7/8% notes due 2025 (ISIN: XS1944412664, US68205LAA17) at $990.01. Pricing was based on the 2 7/8% U.S. Treasury due June 15, 2025 and a clearing spread of 210 bps;

• $113,502,000 of the $2.5 billion outstanding 4¾% notes due 2026 (ISIN: XS1405777589, US682051AC17) at $969.81. Pricing was based on the 2 5/8% U.S. Treasury due May 31, 2027 and a clearing spread of 240 bps;

• $71,207,000 of the $2 billion outstanding 5 3/8% notes due March 2027 (ISIN: XS1575967218, US682051AE72) at $986.27. Pricing was based on the 2 5/8% U.S. Treasury due May 31, 2027 and a clearing spread of 250 bps;

• $80,823,000 of the $1.45 billion outstanding 6¾% notes due October 2027 (ISIN: XS2234859101, US68205LAD55) at $1,037.74. Pricing was based on the 2 5/8% U.S. Treasury due May 31, 2027 and a clearing spread of 270 bps;

• $115.76 million of the $2.5 billion outstanding 5 5/8% notes due 2028 (ISIN: XS1750113661, US682051AH04) at $982.04. Pricing was based on the 2 5/8% U.S. Treasury due May 31, 2027 and a clearing spread of 280 bps;

• $78,432,000 of the $2.25 billion outstanding 6% notes due 2029 (ISIN: XS1944412748, US68205LAB99) at $991.99. Pricing was based on the 2 7/8% U.S. Treasury due May 15, 2032 and a clearing spread of 300 bps;

• $112,965,000 of the $1.75 billion outstanding 6¼% notes due 2031 (ISIN: XS2288905370, US68205LAS25) at $997.33. Pricing was based on the 2 7/8% U.S. Treasury due May 15, 2032 and a clearing spread of 315 bps; and

• $27,543,000 of the $1.05 billion outstanding 7 3/8% notes due 2032 (ISIN: XS2234859283, US68205LAE39) at $1,050.35. Pricing was based on the 2 7/8% U.S. Treasury due May 15, 2032 and a clearing spread of 355 bps.

Pricing, set through a modified Dutch auction procedure, was determined at 10 a.m. ET on June 29.

Holders will also receive accrued interest.

Settlement is slated for July 1.

The issuer said it made the offers as part of its proactive debt management strategy.

Citigroup Global Markets Ltd. (liabilitymanagement.europe@citi.com or +44 20 7986 8969), Goldman Sachs International (Liabilitymanagement.eu@ny.email.gs.com or +44 20 7774 4836) and HSBC Bank plc (LM_EMEA@hsbc.com or +44 20 7992 6237) are dealer managers for the offer.

Citibank, NA, London Branch (citiexchanges@citi.com or +44 20 7508 3867) is the tender agent.

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