Source - RNS
RNS Number : 0812K
The Republic of Ghana
16 September 2016
 

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE UNLAWFUL (SEE "INVITATION AND DISTRIBUTION RESTRICTIONS" IN THE TENDER OFFER MEMORANDUM DATED 8 SEPTEMBER 2016 PREPARED BY THE REPUBLIC OF GHANA)

16 September 2016

THE REPUBLIC OF GHANA ANNOUNCES
RESULTS OF TENDER OFFER IN RESPECT OF THE
8.50 PER CENT. NOTES DUE 2017

The Republic of Ghana (the "Republic") today announces the results of its invitation to eligible holders of its outstanding 8.50 per cent. Notes due 2017 (Unrestricted Global Note ISIN: XS0323760370, Common Code: 032376037, Restricted Global Note ISIN: US374422AA15, Common Code: 032392571, CUSIP number: 374422 AA1)  (the "Notes") to tender their Notes for purchase by the Republic for cash (the "Invitation").

The Invitation was announced on 8 September 2016, and was made on the terms and subject to the conditions set out in the tender offer memorandum dated 8 September 2016 (the "Tender Offer Memorandum") prepared by the Republic.  Capitalised terms used but not otherwise defined in this announcement shall have the meanings given to them in the Tender Offer Memorandum.

The Expiration Deadline for the Invitation was 5.00 p.m. (New York time) on 15 September 2016.

As at the Expiration Deadline, the Republic had received valid tenders of U.S.$201,585,000 in aggregate nominal amount of the Notes for purchase. The Republic confirms that the New Financing Condition has been satisfied by the successful completion of the issue of the New Notes on 15 September 2016.  The Republic announces that it will accept for purchase all Notes validly tendered pursuant to the Invitation.

The Purchase Price for such Notes accepted for purchase pursuant to the Invitation is U.S.$1,036.25 per U.S.$1,000 in nominal amount of such Notes plus the Accrued Interest Payment which is expected to be U.S.$39.19 per U.S.$1,000 in nominal amount of such Notes.

The Settlement Date in respect of Notes accepted for purchase is expected to be 20 September 2016.  All Notes accepted for purchase will be cancelled and will not be reissued or resold. Notes that were not tendered or accepted for purchase pursuant to the Invitation will remain outstanding.  Following settlement, U.S.$199,013,000 in aggregate nominal amount of the Notes will remain outstanding.

Citigroup Global Markets Limited, Merrill Lynch International and Standard Chartered Bank are acting as Dealer Managers, and Citibank, N.A., London Branch is acting as Tender Agent.



 

 

Dealer Managers

Citigroup Global Markets Limited

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

 

Attention: Liability Management Group

London: +44 20 7986 8969

Toll Free: +1 800 558 3745

Collect: +1 212 723 6108

Email: [email protected]

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

 

Attention:  Liability Management Group

London: +44 20 7996 5420

United States: +1 980 388 3646

Email:  [email protected]

Standard Chartered Bank

1 Basinghall Avenue

London EC2V 5DD

United Kingdom

 

Attention:  Liability Management Group

London:  +44 20 7885 5739

Email:  [email protected]


Tender Agent

Citibank, N.A., London Branch

Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB
United Kingdom

(Telephone: +44 20 7508 3867; Fax: +44 20 3320 2405; Email: [email protected])

 

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Invitation.

If you are in any doubt as to the contents of this announcement or the Tender Offer Memorandum or the action you should take, you are recommended to seek your own financial and legal advice, including as to any tax consequences, immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Invitation. None of the Issuer, the Dealer Managers or the Tender Agent makes any recommendation as to whether Noteholders should tender Notes for purchase pursuant to the Invitation.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RTEEAFNKFEEKEFF