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Mongolia sets minimum yield at 8¾% for new notes under exchange offer
By Marisa Wong
Morgantown, W.Va., Feb. 24 – Mongolia set the minimum yield and tenor for the new notes to be issued under its previously announced exchange offer. The minimum yield is 8¾%, and the notes will have a term of seven years, according to a notice on Friday.
The government is offering to exchange up to $580 million of Development Bank of Mongolia LLC’s outstanding 5¾% guaranteed notes due March 21, 2017 for the government’s new debt securities and a cash consideration.
The exact yield for the new notes will be announced on March 2.
The exchange offer began on Feb. 20 and will expire at 11 a.m. ET on March 1.
The minimum tender amount is $200,000 of notes.
The cash consideration was not disclosed in the original announcement.
Credit Suisse (Hong Kong) Ltd. (+852 2101 6000, list.ibprojectkhuraldai@credit-suisse.com) and J.P. Morgan Securities plc (+44 20 3493 1413) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Thomas Choquet / Arlind Bytyqi, mongolia@lucid-is.com) is the information and exchange agent.
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