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El Salvador gives results of tender for up to $360 million notes due 2023, 2025
By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – The Republic of El Salvador announced results of its cash tender offer for up to $360 million principal amount of two series of its notes, according to a news release on Wednesday.
The notes include the $800 million of 7¾% notes due 2023 (Cusips: 283875AK8 and P01012AJ5) and the $800 million of 5 7/8% notes due 2025 (Cusips: 283875AR3 and P01012AS5).
El Salvador took in tenders of $179,491,000, or 22.44%, of the outstanding 2023 notes, and accepted $133,043,000 of those tenders at a proration factor of 74.11%.
The republic took in tenders of $432.59 million, or 54.07%, of the outstanding 2025 notes, and it accepted all of those tenders.
The offer expired at 12 p.m. ET on Sept. 20.
Following settlement on Friday, there will be $666,957,000 of the 2023 notes and $367.41 million of the 2025 notes outstanding.
El Salvador was offering to pay per $1,000 principal amount of notes a price of $910 for the 2023 notes and $540 for the 2025 notes. Holders will also receive accrued interest to, but excluding, the settlement date.
El Salvador said when it launched the offer on Sept. 12 that there was no priority between the two series, and that it would determine the principal amount of each series to accept.
D.F. King & Co., Inc. (800 628-8532 and 212 269-5550) is the tender agent and information agent.
Deutsche Bank Securities Inc. (212-250-2955 or 866-627-0391) is the dealer manager.
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