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Saudi Arabia gives results, pricing in four-series tender offer
By Mary-Katherine Stinson
Lexington, Ky., Oct. 25 – The Kingdom of Saudi Arabia announced final results and pricing of its four-series capped tender offer, according to a notice.
Overall, a total of $1,268,497,000 will be accepted for purchase.
Specifically, the results for each of the four securities are as follows:
• $632,543,000 of the $3 billion 2 7/8% notes due 2023 (ISINs: XS1694216687, US80413TAD19) will be purchased at 99.538 for a purchase yield of 4.198%;
• $249,387,000 of the $4.5 billion 4% notes due April 2025 (ISINs: XS1791937441, US80413TAG40) will be purchased at 97.802 with a 55 basis point spread for a purchase yield of 4.955%;
• $98,892,000 of the $2.5 billion 2.9% notes due October 2025 (ISINs: XS2159975619, US80413TAS87) will be purchased at 94.36 with a 55 bps spread for a purchase yield of 4.955%; and
• $287,675,000 of the $5.5 billion 3¼% notes due 2026 (ISINs: XS1508675417, US80413TAB52) will be purchased at 94.017 with a 70 bps purchase spread for a purchase yield of 4.917%.
As previously reported, interest will also be paid.
The offer expired at 5 p.m. ET on Oct. 24. Instructions were irrevocable.
Settlement is planned for Oct. 27.
The offer is subject to a new financing condition. Saudi Arabia priced $5 billion of new notes on Oct. 19.
The dealer managers for the tender offer are BNP Paribas (+33 1 55 77 78 94, liability.management@bnpparibas.com), HSBC Bank plc (+44 20 7992 6237, liability.management@hsbcib.com) and Goldman Sachs International (+44 20 7552 6157, liabilitymanagement.eu@gs.com).
Kroll Issuer Services Ltd. is the tender and information agent (+44 20 7704 0880, ksa@is.kroll.com, https://deals.is.kroll.com/ksa).
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