Slovenia cuts tender for notes to $513.25 million, sets pricing

New York, Aug. 31 – The Republic of Slovenia downsized its tender offer for three series of notes to $513.25 million from the originally announced $1 billion and announced pricing and final results.

The issuer will purchase:

• $335,378,000 of its $1.7 billion of 5½% notes due 2022 at a price of 116.940% of par. Pricing was set using a clearing spread of 130 basis points and was based on the 1 1/8% U.S. Treasury note due July 2021 plus a maximum spread of 155 bps;

• $99,454,000 of its $2.1 billion of 5.85% notes due 2023 at 118.917% of par. Pricing was set using a clearing spread of 115 bps and was based on the 1½% U.S. Treasury note due August 2026 plus a maximum spread of 125 bps; and

• $78,416,000 of its $1.7 billion of 5¼% notes due 2024 at 116.146% of par. Pricing was set using a clearing spread of 125 bps. Pricing was based on the 1½% U.S. Treasury notes due August 2026 plus a maximum spread of 135 bps.

The final results are in line with the indicative levels announced earlier Wednesday.

Pricing was set at 8:30 a.m. ET on Aug. 31.

In addition to the prices shown above holders also will receive accrued interest.

Settlement is scheduled for Sept. 7.

Slovenia said it had received tenders for a total of $1,009,494,000 by the expiration deadline of 11 a.m. ET on Aug. 30.

Slovenia intends to accept all non-competitive tenders and all competitive tenders at or above the clearing spreads without any pro rata scaling.

Slovenia announced the tender on Aug. 23 saying it would set the purchase price using a modified Dutch auction.

Settlement is set for Sept. 7.

The issuer is offering to purchase the notes “as part of effective Slovenian central government debt management,” according to an offer announcement.

The tender is contingent on the company’s plan to issue new euro-denominated notes.

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

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