Philippines to pay $1.25 billion in tender offer for 14 note series

New York, Jan. 19 – Republic of the Philippines will pay a total of $1,250,000,591 in its tender offer for 14 series of notes, according to an announcement.

The offer ended at 2 p.m. ET on Jan. 18 after beginning at 8 p.m. ET on Jan. 17.

Notes will be accepted for purchase as follows:

• All of the $93,716,000 that were tendered from the $682 million of 9 7/8% bonds due Jan. 15, 2019 at a purchase price of $1,085.50 per $1,000 principal amount for a total purchase price of $101,728,718.00;

• All of the $108,447,000 that were tendered from the $1,038,000,000 of 8 3/8% bonds due June 17, 2019 at a purchase price of $1,095.25 per $1,000 principal amount for a total purchase price of $118,776,576.75;

• All of the $13,596,000 that were tendered from the $776 million of 6½% bonds due Jan. 20, 2020 at a purchase price of $1,092.50 per $1,000 principal amount for a total purchase price of $14,853,630.00;

• $140,588,000, or 48.078%, of the securities tendered from the $1,759,000,000 of 4% bonds due Jan. 15, 2021 at a purchase price of $1,053.00 per $1,000 principal amount for a total purchase price of $148,039,164.00;

• None of the $1.5 billion of 4.2% bonds due Jan. 21, 2024. The issuer was offering a purchase price of $1,090.00 per $1,000 principal amount;

• None of the $578 million of 7½% bonds due Sept. 25, 2024. The issuer was offering a purchase price of $1,263.00 per $1,000 principal amount;

• None of the $348 million of 9½% bonds due Oct. 21, 2024. The issuer was offering a purchase price of $1,427.50 per $1,000 principal amount;

• All of the $152,692,000 that were tendered from the $1,633,000,000 of 10 5/8% bonds due March 16, 2025 at a purchase price of $1,505.00 per $1,000 principal amount for a total purchase price of $229,801,460.00;

• All of the $113,399,000 that were tendered from the 5½% bonds due March 30, 2026 at a purchase price of $1,184.25 per $1,000 principal amount for a total purchase price of $134,292,765.75;

• None of the $2 billion of 9½% bonds due Feb. 2, 2030. The issuer was offering a purchase price of $1,592.50 per $1,000 principal amount;

• All of the $180,797,000 that were tendered from the $1,925,000,000 of 7¾% bonds due Jan. 14, 2031 at a purchase price of $1,443.75 per $1,000 principal amount for a total purchase price of $261,025,668.75;

• All of the $56,089,000 that were tendered from the $1,078,000,000 of 6 3/8% bonds due Jan. 15, 2032 at a purchase price of $1,321.75 per $1,000 principal amount for a total purchase price of $74,135,635.75;

• All of the $123,344,000 that were tendered from the $2,023,000,000 of 6 3/8% bonds due Oct. 23, 2034 at a purchase price of $1,356.75 per $1,000 principal amount for a total purchase price of $167,346,972.00; and

• None of the $1,331,000,000 of 5% bonds due Jan. 13, 2037. The issuer was offering a purchase price of $1,197.50 per $1,000 principal amount.

In addition to the amounts shown, holders will receive accrued interest.

Only preferred tenders were accepted.

Settlement is planned for Jan. 25.

The tender offers were contingent on pricing of an offering of new global notes. The Philippines priced $2 billion of bonds on Thursday.

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).

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