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Mongolia to exchange $475.99 million of 5¾% notes for new notes, cash
By Marisa Wong
Morgantown, W.Va., March 2 – Mongolia announced that holders of $475,989,000 of Development Bank of Mongolia LLC’s outstanding 5¾% guaranteed notes due March 21, 2017 tendered their notes for exchange.
The government offered to exchange up to $580 million of Development Bank’s 5¾% notes for the government’s new debt securities and a cash consideration. The offer began on Feb. 20 and expired at 11 a.m. ET on March 1.
The government expects to accept all of the tendered notes for exchange.
Last week, Mongolia set the minimum yield and tenor for the new notes to be issued under the exchange offer. The minimum yield is 8¾%, and the notes will have a term of seven years, according to a previous notice. The exact yield for the new notes was set to be announced on Thursday.
The minimum tender amount was $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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