Slovenia tenders for $500 million of notes from three series

New York, Oct. 18 – Slovenia announced it has begun a tender for $500 million of notes from three outstanding series.

The issues included in the offer are the sovereign’s $1,364,622,000 of 5.5% notes due 2022, $2,000,546,000 of 5.85% notes due 2023 and $1,621,584,000 of notes due 2024, according to a notice.

Pricing will be set using a modified Dutch auction.

The maximum purchase spread will be 125 basis points for the 5.5% notes and 85 bps for the other two series of notes.

In each case, Slovenia will set a purchase price at 8:30 a.m. ET on Oct. 26 using a clearing spread of Treasuries that will be no more than the maximum.

Notes to be sold may be submitted on either a competitive basis, specifying a purchase spread, or non-competitive. Non-competitive instructions will be deemed to be at the maximum purchase spread and will be accepted ahead of competitive instructions.

Holders will also receive accrued interest.

The tender ends at 11 a.m. ET on Oct. 25. Settlement is scheduled for Nov. 3.

Slovenia said it is carrying out the offer as part of its debt management.

Closing of the tender is subject to the condition that the Balkan nation completes an offering of new euro-denominated notes.

The size of the tender may be increased or decreased.

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, 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 dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or slovenia@lucid-is.com) is information and tender agent.

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