Source - RNS
RNS Number : 6473I
Cyprus (Republic of)
20 June 2017
 

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT

 

 

 

Republic of Cyprus

acting through the PDMO, Ministry of Finance

20 June 2017

ANNOUNCEMENT - RESULTS OF TENDER AND SWITCH OFFERS

The Republic of Cyprus acting through the Public Debt Management Office, of the Ministry of Finance (the "Republic") announces today the aggregate nominal amount of the Existing Notes (details of which are set out in the table below) accepted for purchase by the Republic (the "Maximum Aggregate Nominal Purchase Amount"), the aggregate nominal amount of 2019 Notes accepted for purchase (the "2019 Notes Nominal Purchase Amount"), the aggregate nominal amount of February 2020 Notes accepted for purchase (the "February 2020 Notes Nominal Purchase Amount"), the aggregate nominal amount of May 2020 Notes accepted for purchase (the "May 2020 Notes Nominal Purchase Amount") and any pro-ration factors pursuant to its previously announced invitation to submit offers to sell the Existing Notes for cash (the "Invitation"), subject to the terms and conditions contained in the launch announcement published by the Republic on 19 June 2017 (the "Launch Release"). The Invitation expired at 3.45 p.m. (London time) today, 20 June 2017. Settlement of the Invitation is expected to occur on 22 June 2017 (the "Accepted Notes Settlement Date").

On 20 June 2017, the Republic conducted an offering of its EUR850,000,000 2.750 per cent. notes due 2024 (the "New Notes"). The New Notes will be issued by the Republic on 27 June 2017.

 

The Maximum Aggregate Nominal Purchase Amount is EUR514,906,000.

 

The 2019 Notes Nominal Purchase Amount is EUR336,558,000.

 

The February 2020 Notes Nominal Purchase Amount is EUR101,994,000.

 

The May 2020 Notes Nominal Purchase Amount is EUR76,354,000.


The Purchase Price of the 2019 Notes is EUR1,091.00 per EUR1,000 Principal Amount plus Accrued Interest of EUR47.11 per
EUR1,000 Principal Amount, representing accrued and unpaid interest, from, and including, the last applicable interest payment date up to, but excluding, the Accepted Notes Settlement Date.

 

The Purchase Price of the February 2020 Notes is EUR1,105.50 per EUR1,000 Principal Amount plus Accrued Interest of EUR17.61 per EUR1,000 Principal Amount, representing accrued and unpaid interest, from, and including, the last applicable interest payment date up to, but excluding, the Accepted Notes Settlement Date.

The Purchase Price of the May 2020 Notes is EUR1,160.00 per EUR1,000 Principal Amount plus Accrued Interest of EUR9.08 per EUR1,000 Principal Amount, representing accrued and unpaid interest, from, and including, the last applicable interest payment date up to, but excluding, the Accepted Notes Settlement Date.

The total amount of Offers in respect of each Series of Existing Notes that have been accepted are shown in the table below. All the Preferred Offers and Non-Preferred Offers have been accepted with no pro-ration on any valid submissions.

 

 

Existing Notes

 

 

 

 

 

ISIN

Outstanding Aggregate Nominal Amount as of

20 June 2017

(EUR in millions)

Aggregate Nominal Amount Preferred Offers Accepted

(EUR in millions)

4.75 per cent. Notes due 2019 (the "2019 Notes")

XS1081101807

566.350

335.1

1.458

4.625 per cent. Notes due February 2020 (the "February 2020 Notes")

XS0483954144

770

94.447

7.547

6.500 per cent. Notes due May 2020 (the "May 2020 Notes")

 

XS1064662890

80

76.354

0

____________________

 

Settlement of the Accepted Notes between the billing and delivery bank (HSBC Bank plc) and holders of the Accepted Notes is expected to occur on 22 June 2017.

 

 

The Dealer Managers for the Invitation are:

 

Citigroup Global Markets Limited

 

Attention: Liability Management Group

Citigroup Centre

33 Canada Square

Canary Wharf

London E14 5LB

Tel: +44 20 7986 8969

Email: [email protected]

 

 

Goldman Sachs International

 

Attention: Liability Management Group

Peterborough Court

133 Fleet Street

London EC4A 2BB

United Kingdom

Tel: +44 20 7774 9862

Email: [email protected]

 

HSBC Bank plc

 

Attention: Liability Management Group

8 Canada Square

London E14 5HQ

United Kingdom

Tel: +44 20 7992 6237

Email: [email protected]

Disclaimer

The distribution of this announcement and the Launch Release in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Launch Release comes are required by the Republic and the Dealer Managers to inform themselves about and to observe any such restrictions. This announcement does not constitute an offer to buy or the solicitation of an offer to sell Existing Notes or any other securities.

 

 


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