Slovenia tenders for dollar-, euro-denominated notes in four series

By Rebecca Melvin

Concord, N.H., Feb. 9 – The Republic of Slovenia is inviting holders of the $133,167,000 outstanding of its $2.5 billion 5.85% notes due 2023, $1.25 billion outstanding of its $2,642,966,000 5¼% notes due 2024, €2,063,152,000 outstanding of its €2.23 billion 0.2% notes due 2023 and its outstanding €1.5 billion 4 5/8% notes due 2024 to tender their notes for purchase for cash, according to a notice.

The issuer has not yet determined the amount of each series of notes that it will accept for purchase.

Pricing will be determined under a modified Dutch auction with the maximum purchase spread for the dollar notes set at 0.125% Treasuries due May 2023 plus 5 basis points and the maximum purchase spread for the euro-denominated notes set at 0.875% Treasuries due 2024 plus 15 bps.

Tender instructions may be submitted on a non-competitive or a competitive basis as follows: Non-competitive tender instructions are tender instructions that either do not specify a spread for the notes or that specify a spread greater than or equal to the maximum spread. Each non-competitive tender instruction will be deemed to have specified the maximum spread for that series of notes and a competitive tender instruction is one that specifies a spread of less than the maximum spread. Clearing spreads may only be specified in increments of 1 bp below the maximum spread in the competitive tender instructions.

The offers will remain open until 11 a.m. ET on Feb. 15. Acceptance amounts and euro note purchase yields and indicative details of scaling will be announced on Feb. 16.

Pricing of the U.S. notes will be set at 8:30 a.m. ET on Feb. 16.

The settlement date is set for Feb. 23.

Barclays Bank Ireland plc (800 438-3242; 232 528-7581; eu.lm@barclays.com), BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com), Credit Agricole CIB (+44 20 7214 5733; 866 807-6030, 212 261-7802; liability.managmenet@ca-cib.com), Deutsche Bank AG (+44 20 7545 8011; 866 627-0391, 212 250-2955), Erste Group Bank AG (+43 5 0100 84054; FISyndicate0604@erstegroup.com) and J.P. Morgan SE (+44 20 7134 2468; em_europe_lm@jpmorgan.com) are acting as dealer managers of the tender offer.

Lucid Issuer Services Ltd. (+44 20 7704 0880; slovenia@lucid-is.com/slovenia) is acting as information and tender agent.

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