Slovenia tenders for up to $750 million of three series of notes

New York, May 3 – The Republic of Slovenia announced a tender offer in which it is offering to buy up to $750 million of its $2.25 billion of 5.5% notes due 2023, its $2.5 billion of 5.85% notes due 2023 and its $2 billion of 5¼% notes due 2024.

Pricing will be set using a modified Dutch auction based on a clearing spread over a reference Treasury.

For the 5.5% notes, the reference security is the 1 3/8% Treasury due April 2021 and the maximum purchase spread will be 180 basis points. For the 5.85% notes the reference security is the 1 5/8% Treasury due February 2026 and the maximum purchase spread will be 140 bps and for the 5¼% notes the reference security will also by the 1 5/8% Treasury due February 2026 and the maximum purchase spread will be 150 bps.

Slovenia will fix the amount of notes from each series it will buy and the clearing spread at its discretion. All notes from an individual series will be bought at a price based on the same clearing spread.

Tender instructions may specify a purchase spread or they may be non-competitive, in which case they will be deemed to be at the maximum for that series of notes.

In addition to the purchase price, holders will also receive accrued interest.

The tender is subject to conditions including the successful completion of an offering of new euro-denominated notes.

The tender will end at 11 a.m. ET on May 10, and pricing will be set at 8 a.m. ET on May 11. Settlement is scheduled for May 18.

Barclays Bank plc (+44 20 3134 8515, 800 438-3242, 212 528-7581 or eu.lm@barclays.com), Deutsche Bank AG, London Branch (+44 20 7545 8011, 866 627-0391, 212 250-2955 or liability.management@db.com), Goldman Sachs International Bank (+44 20 7774 9862, 800 828-3182, 212 902-5183 or liabilitymanagement.eu@gs.com)and J.P. Morgan Securities plc (+44 20 7134 2468, 800 834-4666, 212 834-3617 or em_europe_lm@jpmorgan.com) are dealer managers. Lucid Issuer Services Ltd. (+ 44 20 7704 0880 or slovenia@lucid-is.com) is information and tender agent.

Slovenia said that the tender will not be eligible for the offer procedures of DTC. Rule 144A notes must be held through a direct participant in Euroclear/Clearstream or transfer them so that they are held through a direct participant.

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