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Paraguay accepts all tendered 2023 notes, some tendered 2026 notes
By Rebecca Melvin
Concord, N.H., Jan. 21 – The Republic of Paraguay announced the results of its Jan. 20 tender offer for two series of notes, according to a press release.
The republic determined that all of the $212,904,000 of 4 5/8% bonds due 2023 (Cusips: 699149AA8, P75744AA3) tendered would be accepted. The republic had received $86,976,000 of preferred tenders as of 1 p.m. ET on Jan. 20 and $125,928,000 of non-preferred tenders as of 2 p.m. ET on Jan. 20.
Only some of the 5% bonds due 2026 (Cusips: 699149AC4, P75744AD7) that were tendered were accepted, or $72,875,000 of the bonds. By the respective expiration times, the republic had received $260,445,000 of preferred tenders, $72,875,000 of which were accepted, and $83,655,000 of non-preferred tenders, none of which were accepted.
There were $450,494,000 outstanding of the 2023 notes and $600 million outstanding of the 2026 notes at the start of the offer.
The republic is offering to buy the 2023 notes for $1,040 per $1,000 note and the 2026 notes for $1,095 per $1,000 note. Interest will also be paid in cash. The settlement date is Jan. 26.
The offer was conditioned on the same-day pricing of new bonds due 2033.
Paraguay had instructed Citigroup Global Markets Inc., as billing and delivery bank, to accept valid preferred tenders and non-preferred tenders subject to proration, giving higher priority to the 2023 bonds, as expected.
The dealer managers for the tender offer are Citigroup Global Markets Inc. (212 723-6106, 800 558-3745) and Goldman Sachs & Co. LLC (212 357-1452, 800 828-3182).
Global Bondholder Services Corp. (212 430-3774, 855 644-2014, http://www.gbsc-usa.com/paraguay) is the information agent.
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