Philippines makes one-day capped tender for number of global bonds

By Susanna Moon

Chicago, Jan. 18 – The Republic of the Philippines began a tender offer for up to a maximum amount of a number of its global bonds.

The maximum purchase amount excludes accrued interest and will be determined later, according to the tender announcement.

The issuer also began a global cash offering for its global bonds to be denominated in dollars due 2042, and the tender is contingent on the issue of those bonds, with pricing set for 4 p.m. ET on Jan. 18.

The submission period began at 8 p.m. ET on Jan. 17 and was set to end at 2 p.m. ET on Jan. 18.

The purchase price per $1,000 principal amount is as follows:

• $861 million 9 7/8% bonds due Jan. 15, 2019 with pricing of $1,171.25;

• $1,238,000,000 8 3/8% bonds due June 17, 2019 with pricing of $1,170.00;

• $810 million 6½% bonds due Jan. 20, 2020 with pricing of $1,145.00;

• $1,757,000,000 4% bonds due Jan. 15, 2021 with pricing of $1,082.50;

• $1.5 billion 4.2% bonds due Jan. 21, 2024 with pricing of $1,102.50;

• $578 million 7½% bonds due Sept. 25, 2024 with pricing of $1,300.00;

• $348 million 9½% bonds due Oct. 21, 2024 with pricing of $1,472.50;

• $1,633,000,000 10 5/8% bonds due March 16, 2025 with pricing of $1,568.75;

• $1,146,000,000 5½% bonds due March 30, 2026 with pricing of $1,216.25;

• $2 billion 9½% bonds due Feb. 2, 2030 with pricing of $1,631.25;

• $2.11 billion 7¾% bonds due Jan. 14, 2031 with pricing of $1,473.75;

• $1,142,000,000 6 3/8% bonds due Jan. 15, 2032 with pricing of $1,338.75;

• $2,358,000,000 6 3/8% bonds due Oct. 23, 2034 with pricing of $1,367.50;

• $1.5 billion 5% bonds due Jan. 13, 2037 with pricing of $1,198.75.

Holders also will receive accrued interest up to but excluding the settlement date of Jan. 25.

Citigroup Global Markets Inc. (212 723-6106, +44 20 7986 8972, +852 2501 2552 or liabilitymanagement.asia@citi.com), Credit Suisse Securities (USA) LLC (212 538-2147 or 800 820-1653) , Deutsche Bank Securities Inc. (212 250-7527, 855 287-1922, +44 207 545 8011, +65 6423 5342 or liability.management@db.com), Standard Chartered Bank (+65 6596 8807 or Liability_Management@sc.com) and UBS AG Hong Kong Branch (+852 2971 8888, 212 821-3000, +44 20 7567 8000, OL-LM-Asia@ubs.com, OL-Liability-Management@ubs.com) are the joint lead managers.

D.F. King & Co., Inc. (rop@dfkingltd.com, http://sites.dfkingltd.com/rop, 212 269-5550, 800 487-4870, +44 20 7920 9700 or +852 3953 7230) is information agent.

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