Philippines holds one-day capped tender offers for 14 series of notes

By Susanna Moon

Chicago, Jan. 18 – Republic of the Philippines announced tender offers to purchase a maximum amount of 14 series of notes that were set to run from 8 p.m. ET on Jan. 17 until 2 p.m. ET on Jan. 18.

The Philippines also plans to price a global offering of dollar-denominated bonds due 2028 at 4 p.m. ET on Jan. 18, according to an announcement.

The tender offers are contingent on pricing of the new notes, with the purchase amount to be set by the issuer.

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

• $1,085.50 for the $682 million of 9 7/8% bonds due Jan. 15, 2019;

• $1,095.25 for the $1,038,000,000 of 8 3/8% bonds due June 17, 2019;

• $1,092.50 for the $776 million of 6½% bonds due Jan. 20, 2020;

• $1,053 for the $1,759,000,000 of 4% bonds due Jan. 15, 2021;

• $1,090 for the $1.5 billion of 4.2% bonds due Jan. 21, 2024;

• $1,263 for the $578 million of 7½% bonds due Sept. 25, 2024;

• $1,427.50 for the $348 million of 9½% bonds due Oct. 21, 2024;

• $1,505 for the $1,633,000,000 of 10 5/8% bonds due March 16, 2025;

• $1,184.25 for the $1,146,000,000 of 5½% bonds due March 30, 2026;

• $1,592.50 for the $2 billion of 9½% bonds due Feb. 2, 2030;

• $1,443.75 for the $1,925,000,000 of 7¾% bonds due Jan. 14, 2031;

• $1,321.75 for the $1,078,000,000 of 6 3/8% bonds due Jan. 15, 2032;

• $1,356.75 for the $2,023,000,000 of 6 3/8% bonds due Oct. 23, 2034; and

• $1,197.50 for the $1,331,000,000 of 5% bonds due Jan. 13, 2037.

Holders will receive accrued interest in cash on Jan. 25, the settlement date.

Payment of the principal amount of the 7½% bonds is due in three equal installments on Sept. 26, 2022, Sept. 25, 2023 and Sept. 25, 2024.

Citigroup Global Markets Inc. (212 723 6106, +44 20 7986 8972, +852 2501 2552, fax +852 2501 8117 or liabilitymanagement.asia@citi.com) and Standard Chartered Bank (+65 6596 8807 or liability_management@sc.com) are the dealer managers with Citi the billing and delivering bank. The information agent is D.F. King (212 269 5550, 877 361 7964, +44 20 7920 9700, +852 3953 7230, rop@dfkingltd.com or https://sites.dfkingltd.com/rop).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.