Slovenia increases tender, to buy $854.76 million notes, sets prices

New York, Oct. 26 – Slovenia increased the size of its tender offer for three series of outstanding notes to $854,764,000 principal amount from $500 million and set the purchase prices.

The issuer will buy $68.42 million of its $1,364,622,000 of 5½% notes due 2022, $567,975,000 of its $2,000,546,000 of 5.85% notes due 2023 and $218,369,000 of its $1,621,584,000 of 5¼% notes due 2024, according to a notice.

For the 5½% notes, the purchase price will be 116.315% of par, a level set using a clearing spread of 125 basis points. The price for the 5.85% notes is 119.182% of par based on a clearing spread of 85 bps, and the price for the 5¼% notes is 117.284% of par also using an 85 bps clearing spread.

Only notes tendered on a non-competitive basis will be accepted.

Completion of the tender is subject to satisfaction of a financing condition that requires the Balkan nation to sell new euro-denominated notes.

In addition to the purchase prices, Slovenia will also pay accrued interest.

The tender offer was announced on Oct. 18.

The issuer said pricing would be set using a modified Dutch auction with a maximum purchase spread of 125 bps for the 5½% notes and 85 bps for the other two series.

The purchase prices were set at 8:30 a.m. ET on Oct. 26.

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

The tender ended 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.

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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