El Salvador gives results of cash tender for notes due 2023, 2025

By William Gullotti

Buffalo, N.Y., Dec. 7 – The Republic of El Salvador announced results of its cash tender offer for two series of its notes for up to $74 million purchase price, according to a press release on Wednesday.

The notes include the remaining $666,957,000 of 7¾% notes due 2023 (Cusips: 283875AK8, P01012AJ5) and the remaining $367.41 million of 5 7/8% notes due 2025 (Cusips: 283875AR3, P01012AS5).

El Salvador took in tenders of $75,975,000, or 11.39%, of the outstanding 2023 notes, and accepted $62.83 million of those tenders at a proration factor of 82.65%.

The republic also took in tenders of $19,493,000, or 5.31%, of the outstanding 2025 notes, and it accepted all of those tenders without proration.

The offer expired at 5 p.m. ET on Dec. 6.

As previously reported, El Salvador was offering to pay per $1,000 principal amount of notes a price of $950 for the 2023 notes and $620 for the 2025 notes. Holders will also receive accrued interest to, but excluding, the settlement date.

The aggregate purchase price plus accrued interest is $73,993,818.08. Any notes tendered that were not accepted for purchase as a result of the proration provisions are expected to be returned to tendering noteholders on the settlement date.

Settlement remains scheduled for Dec. 8.

D.F. King & Co., Inc. (212 269-5550, 800 628-8532 or salvadorg@dfking.com) is the information and tender agent.

Deutsche Bank Securities Inc. (212 250-2955 or 866 627-0391) is the dealer manager.

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