El Salvador confirms acceptance amounts in tender offer for notes

By Wendy Van Sickle

Columbus, Ohio, April 17 – El Salvador confirmed on Wednesday the final acceptance amounts of its cash tender offer for three series of notes due 2025, 2027 and 2029.

The tender offer was announced on April 8. The final acceptance amounts are the same as the expected acceptance amounts announced on Tuesday.

El Salvador received and accepted the following tender amounts of notes, which are listed in order of acceptance priority:

• $248,356,000 tendered and accepted of its $347,917,000 of outstanding 5 7/8% notes due 2025 (Cusips: 283875AR3, P01012AS5) for a purchase price of $991.25 per $1,000 principal amount;

• $407,636,000 tendered and $166,935,000 accepted at a proration factor of 40.99% of its $800 million of outstanding 6 3/8% notes due 2027 (Cusips: 283875AS1, P01012AT3) for a purchase price of $910 per $1,000 principal amount; and

• $290,042,000 tendered and $71,553,000 accepted at a proration factor of 24.7% of its $601,085,000 of outstanding 8 5/8% notes due 2029 (Cusips: 283875BW1, P01012BX3) for a purchase price of $910 per $1,000 principal amount.

The republic will also pay accrued interest to the settlement date, which is expected to be April 19.

The offer expired at 5 p.m. ET on April 15.

D.F. King & Co., Inc. (212 269-5550, 866 828-6934 or salvadorg@dfking.com) is the information and tender agent.

BofA Securities, Inc. (646 855-8988 or 888 292-0070) is the dealer manager.

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