Slovenia starts tender for $750 million of 5½%, 5.85%, 5¼% notes

New York, May 9 – The Republic of Slovenia began a tender offer to buy up to $750 million principal amount of its $1,079,271,000 of 5½% notes due 2022, $1,105,113,000 of 5.85% notes due 2023 and $1,350,008,000 of 5¼% notes due 2024.

Pricing will be based on clearing spreads to be set using a modified Dutch auction and a reference Treasury security.

For the 5½% notes, the maximum purchase spread will be 75 basis points and the reference security will be the 1 7/8% Treasury due April 2022, for the 5.85% notes, the maximum spread will be 85 bps and the reference security will also by the 1 7/8% Treasury due April 2022 and for the 5¼% notes the maximum spread will be 50 bps and the reference security will be the 2¼% Treasury due February 2027.

Pricing will be set at 8:30 a.m. ET on May 16.

Slovenia will also pay accrued interest.

Holders may submit competitive tenders with a purchase spread or non-competitive tenders which will be treated as tenders at the maximum spread.

If the offer is oversubscribed, non-competitive tenders will be accepted first, followed by competitive tenders with spreads above the clearing spread followed by other competitive tenders.

The tender is being conducted under Regulation S only. No Rule 144A notes will be accepted.

In addition, if tenders are scaled back for acceptance, tenders will not be accepted to the extent that they would reduce the remaining notes owned by a noteholder below the minimum denomination of $200,000.

The tender ends at 11 a.m. ET on May 15. Settlement is planned for May 23.

Completion of the tender is subject to a financing condition which requires the successful sale of new euro-denominated notes.

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 212 902-6595) and J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com, 866 834-4666 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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