Published on 11/16/2012 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.
Philippines wraps cash tender for bond series due 2014 through 2032
By Jennifer Chiou
New York, Nov. 16 - The Republic of the Philippines announced the results of its $1.5 billion maximum cash tender offer to holders of the bonds listed in the table below.
Pricing and any proration are included below.
All tendered notes listed with an acceptance priority level of 1 were accepted.
The offer ended at 5 p.m. ET on Nov. 15. It began on Nov. 8.
Settlement is slated for Nov. 27.
The tender was conditioned on financing, and Philippines is to receive proceeds of its recent offering of PHP 30.8 billion of 3.9% PHP global bonds due 2022 on Nov. 26.
Tenders for any of the following series were not accepted: 8¾% bonds due 2016, 9 3/8% bonds due 2017, 9 7/8% bonds due 2019, 8 3/8% bonds due 2019, 9½% bonds due 2024, 10 5/8% bonds due 2025, 9½% bonds due 2030, 7¾% bonds due 2031 and 6 3/8% bonds due 2032.
The tender and information agent was Bondholder Communications Group, LLC (attn: Ruth Perez at rperez@bondcom.com; 646 470-2802/44 20 7382 4580).
The dealer managers were 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 | Accepted | Price | Proration
|
| 8¼% bonds due 1/15/2014 | $1,151,146,000 | $266,175,000 | $1,092.31 | 100%
|
| 8 | 7/8% bonds due 3/17/2015 | $643,723,000 | $170,654,000 | $1,191.40 | 100%
|
| 8% bonds due 1/15/2016 | $648,035,000 | $248,723,000 | $1,225.10 | 100%
|
| 6¼% bonds due 3/15/2016 | €401,460,000 | €116,231,000 | €1,151.05 | 100%
|
| 6½% bonds due 1/20/2020 | $1,342,902,000 | $190,080,000 | $1,316.06 | 50%
|
| 7½% bonds due 9/25/2024 | $509,559,000 | $143,603,000 | $1,481.66 | 100%
|
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