Slovenia starts $750 million tender offer for three series of notes

New York, Feb. 21 – Slovenia announced a tender offer for $750 million principal amount of three series of notes, to be funded by the sale of new euro-denominated notes.

The tender covers Slovenia’s $1,296,202,000 of 5.5% notes due 2022, $1,432,571,000 of 5.85% notes due 2023 and $1,403,215,000 of 5.25% notes due 2024.

Pricing will be set using a spread over the yield of a reference Treasury. For the 5.5% and 5.85% notes, the benchmark will be the 1.875% Treasury due January 2022 while the 2.25% Treasury due February 2027 will be used for the 5.25%.

The notes will be purchased at a clearing spread, to be set by a modified Dutch auction, subject to a maximum purchase spread of 125 basis points for the 5.5% notes, 135 bps for the 5.85% notes and 95 bps for the 5.25% notes.

Participants in the tender may submit non-competitive instructions, in which case the maximum purchase spread will be assumed, or competitive instructions.

Pricing will be set at 8:30 a.m. ET on March 1.

Holders will also receive accrued interest.

Completion of the tender is subject to satisfaction of a financing condition.

Only notes held under Regulation S, not Rule 144A, may be tendered.

The tender ends at 11 a.m. ET on Feb. 28. Settlement is planned for March 8.

The dealer managers are Barclays Bank plc (+44 20 3134 8515, eu.lm@barclays.com, 800 438-3242 or 212 528-7581), BNP Paribas (+44 20 7595 8668, liability.management@bnpparibas.com, 888 210-4358 or 212 841-3059), 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 Societe Generale (+44 20 7676 7680, liability.management@sgcib.com, 855 881-2108 or 212 278-6964). The information and tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or slovenia@lucid-is.com).

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