Published on 11/8/2012 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.
Philippines starts cash tender for bond series due 2014 through 2032
By Jennifer Chiou
New York, Nov. 8 - The Republic of the Philippines announced an invitation to holders of the bonds listed in the table below to tender their securities for cash.
Philippines said in a news release that it intends to spend a maximum of $1.5 billion for the aggregate purchase price and accrued interest.
The notes are listed with an acceptance priority level, and some tenders may be prorated accordingly.
The offer is set to end at 5 p.m. ET on Nov. 15. Settlement is slated for Nov. 27.
The tender is conditioned on financing.
The tender and information agent is Bondholder Communications Group, LLC (attn: Ruth Perez at rperez@bondcom.com; 646 470-2802/44 20 7382 4580).
The dealer managers are Citigroup Global Markets Inc. (800 558-3745 or 212 723-6108), Credit Suisse Securities (USA) LLC (212 538-2147 or 800 820-1653), Deutsche Bank Securities Inc. (212 250-7527/44 207 545 8011/65 6423 5342), Goldman Sachs (Asia) LLC (852 2978 6659 or fax 852 2978 0440), HSBC Ltd. 852 2822 4100/44 20 7991 5874/212 525-0866 or fax 852 3409 1482), J.P. Morgan Securities LLC (212 834-4533/852 2800 8007 or fax 852 2167 8637), Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057), Standard Chartered Bank (65 6324 1740/44 207 885 5739 or fax 65 6535 1931) and UBS AG, Hong Kong Branch (852 2971 7238/203 719-4210/44 20 7567 0525).
| Series | Outstanding | Acceptance priority | Fixed spread
|
| 8¼% bonds due 1/15/2014 | $1,151,146,000 | 1 | Negative 25 bps
|
| 8 | 7/8% bonds due 3/17/2015 | $643,723,000 | 1 | 11
|
| 8% bonds due 1/15/2016 | $648,035,000 | 1 | 25
|
| 6¼% bonds due 3/15/2016 | €401,460,000 | 1 | 97
|
| 8¾% bonds due 10/7/2016 | $526,087,000 | 2 | 36
|
| 9 | 3/8% bonds due 1/18/2017 | $653,197,000 | 2 | 41
|
| 9 | 7/8% bonds due 1/15/2019 | $792,405,000 | 2 | 61
|
| 8 | 3/8% bonds due 6/17/2019 | $1,237,751,000 | 2 | 59
|
| 6½% bonds due 1/20/2020 | $1,342,902,000 | 2 | 60
|
| 7½% bonds due 9/25/2024 | $509,559,000 | 2 | 71
|
| 9½% bonds due 10/21/2024 | $462,947,000 | 3 | 96
|
| 10 | 5/8% bonds due 3/16/2025 | $1,552,888,000 | 3 | 100
|
| 9½% bonds due 2/2/2030 | $1,926,126,000 | 3 | 117
|
| 7¾% bonds due 1/14/2031 | $2,343,570,000 | 3 | 111
|
| 6 | 3/8% bonds due 1/15/2032 | $1,419,781,000 | 3 | 110
|
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