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Vietnam accepts tenders for $726.65 million of 6 7/8%, 6¾% bonds
By Marisa Wong
Madison, Wis., Nov. 10 – The Socialist Republic of Vietnam set the maximum purchase amount for its previously announced cash tender offer at $726,652,770, according to a press release.
The country had launched a one-day tender offer for its $750 million of 6 7/8% bonds due 2016 and $1 billion of 6¾% bonds due 2020 on Nov. 6.
As previously noted, if the tender is oversubscribed, priority will be given to holders who place firm orders for new bonds ahead of their pricing (preferred offers).
As of the expiration of the offer at 4 p.m. ET on Nov. 6, bondholders had submitted preferred offers for $407,913,000 of the 6 7/8% bonds and $509,105,000 of the 6¾% bonds.
All of the preferred tendered 6 7/8% bonds were accepted for purchase, and $254,549,000 of the preferred tendered 6¾% bonds were accepted at a proration factor of 50%.
Holders had also submitted non-preferred offers for $37,196,000 of the 6 7/8% bonds and $121.13 million of the 6¾% bonds. None of these tenders were accepted.
The country is offering $1,070 per $1,000 principal amount for the 6 7/8% bonds and $1,140 per $1,000 principal amount for the 6¾% bonds. It will also pay accrued interest up to but excluding the settlement date.
Excluding accrued interest, the total purchase price will be $436,466,910 for the 6 7/8% bonds and $290,185,860 for the 6¾% bonds.
Settlement is scheduled for Nov. 14.
Completion of the tender was dependent on the pricing of a planned sale of new global bonds.
Hongkong and Shanghai Banking Corp. (888 HSBC-4LM, 212 525-5552, +852 2822 4100, +65 6423 5342 or liability.management@hsbcib.com) will bill and deliver for the tender and is a dealer-manager with Deutsche Bank AG, Singapore Branch (212 250-6801, +44 207 545 8011 or liability.management@db.com) and Standard Chartered Bank (+65 6596 9645, +44 207 885 5739 or primary.debt@sc.com).
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