Romania accepts $310 million tenders in one-day offer for three notes

By Marisa Wong

Los Angeles, Jan. 19 – Romania, acting through the Ministry of Finance, launched an offer to purchase for cash outstanding notes from three series, according to a Wednesday press release.

The expiration time for preferred tenders occurred at 10:30 a.m. ET on Jan. 19, and the expiration for non-preferred tenders occurred at noon ET on Jan. 19.

Romania will accept for purchase the following:

• None of the $20,746,000 preferred tenders and none of the $87,712,000 non-preferred tenders of the $2,018,892,000 outstanding 6¾% notes due Feb. 7, 2022 (ISIN: US77586TAA43, US77586RAA86). The purchase price was set at $1,002.50 per $1,000 principal amount;

• All $190,974,000 of the preferred tenders and none of the $75.54 million non-preferred tenders of the $1.5 billion outstanding 4 3/8% notes due Aug. 22, 2023 (ISIN: US77586TAC09, US77586RAB69) at a purchase price of $1,048.50 per $1,000 principal amount; and

• All $119,106,000 of the preferred tenders and none of the $32,754,000 non-preferred tenders of the $1 billion outstanding 4 7/8% notes due Jan. 22, 2024 (ISIN: US77586TAD81, US77586RAD26) at a purchase price of $1,061.50 per $1,000 principal amount.

Accrued interest will also be paid for the notes accepted for purchase.

Settlement is scheduled to occur on Jan. 24.

The offer and the acceptance amounts are not conditioned upon any minimum participation of any series of notes but are conditioned on, among other things, the pricing, but not the closing, of an offering of new dollar-denominated bonds due 2032.

Preferred tenders were tender orders that were submitted concurrently with the submission of a firm bid for a certain principal amount of new notes.

Romania intends to apply a portion of the net proceeds of its new notes offering to purchase the notes accepted under the tender offer.

HSBC Continental Europe is the billing and delivering bank for the tender offer.

Citigroup Global Markets Europe AG (liabilitymanagement.europe@citi.com, +44 20 7986 8969), Erste Group Bank AG (FISyndicate0604@erstegroup.com, +43 5 0100 84054), HSBC Continental Europe (LM_EMEA@hsbc.com, +44 20 7992 6237), ING Bank NV (liability.management@ing.com, +31 20 5632 132), J.P. Morgan AG (em_europe_lm@jpmorgan.com, +44 20 7134 2468) and Societe Generale (liability.management@sgcib.com, +33 1 42 13 32 40) are the dealer managers for the offer.

Lucid Issuer Services Ltd. (+44 20 7704 0880, https://deals.lucid-is.com/romania) is the information agent.

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