TIDM63DW
RNS Number : 1947B
Hungary
28 January 2020
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE
UNLAWFUL.
January 28, 2020
HUNGARY ANNOUNCES FINAL ACCEPTANCE AMOUNT, SERIES ACCEPTANCE
AMOUNTS AND PRICING FOR THE PURPOSES OF ITS TER OFFERS FOR EACH OF
ITS OUTSTANDING U.S.$3,000,000,000 6.375% NOTES DUE 2021 (OF WHICH
U.S.$2,583,222,000 IS OUTSTANDING), U.S.$2,000,000,000 5.375% NOTES
DUE 2023 (OF WHICH U.S.$1,923,938,000 IS OUTSTANDING),
U.S.$2,000,000,000 5.75% NOTES DUE 2023 (OF WHICH
U.S.$2,000,000,000 IS OUTSTANDING) AND U.S.$2,000,000,000 5.375%
NOTES DUE 2024 (OF WHICH U.S.$2,000,000,000 IS OUTSTANDING).
Further to its announcements on January 21, 2020 and earlier
today, Hungary (the "Offeror"), now announces the final results and
pricing for the purposes of its invitation to eligible holders of
its outstanding (a) U.S.$3,000,000,000 6.375% Notes due 2021 (of
which U.S.$2,583,222,000 is outstanding) (ISIN: US445545AE60 /
CUSIP: 445545AE6) (the "2021 Notes"), (b) U.S.$2,000,000,000 5.375%
Notes due 2023 (of which U.S.$1,923,938,000 is outstanding) (ISIN:
US445545AH91 / CUSIP: 445545AH9) (the "5.375% 2023 Notes"), (c)
U.S.$2,000,000,000 5.75% Notes due 2023 (of which
U.S.$2,000,000,000 is outstanding) (ISIN: US445545AJ57 / CUSIP:
445545AJ5) (the "5.75% 2023 Notes") and (d) U.S.$2,000,000,000
5.375% Notes due 2024 (of which U.S.$2,000,000,000 is outstanding)
(ISIN: US445545AL04 / CUSIP: 445545AL0) (the "2024 Notes")
(collectively, the "Notes" and each a "Series") to tender their
Notes for purchase by the Offeror for cash (each an "Offer" and,
together, the "Offers").
The Offers were made on the terms and subject to the conditions
set out in the Tender Offer Memorandum dated January 21, 2020 (the
"Tender Offer Memorandum"). Capitalized terms used in this
announcement but not defined have the meanings given to them in the
Tender Offer Memorandum.
The Offeror intends to accept for purchase U.S.$1,000,000,000 in
aggregate nominal amount of the Notes, the Final Acceptance Amount
referred to in the Tender Offer Memorandum.
In respect of the 2021 Notes Offer, the Offeror now announces
that it has determined that the 2021 Notes Clearing Spread will be
15 basis points. The Series Acceptance Amount in relation to the
2021 Notes will be U.S.$ 500,000,000 and the 2021 Notes Purchase
Price will be 105.482 per cent. of the nominal amount of the
relevant 2021 Notes. In respect of the 2021 Notes Offer, the
Offeror now announces that it has determined that it will accept
for purchase 2021 Notes tendered pursuant to valid Non-Competitive
Tender Instructions on a pro rata basis, with a Scaling Factor of
approximately 59.48%. The Offeror will not accept for purchase any
2021 Notes tendered pursuant to Competitive Tender Instructions.
The Offeror will also pay Accrued Interest in respect of the 2021
Notes accepted for purchase pursuant to the 2021 Notes Offer equal
to approximately 2.160 per cent. of the nominal amount of the
relevant 2021 Notes.
In respect of the 5.375% 2023 Notes Offer, the Offeror now
announces that it has determined that the 5.375% 2023 Notes
Clearing Spread will be 40 basis points. The Series Acceptance
Amount in relation to the 5.375% 2023 Notes will be
U.S.$100,000,000 and the 5.375% 2023 Notes Purchase Price will be
110.540 per cent. of the nominal amount of the relevant 5.375% 2023
Notes. In respect of the 5.375% 2023 Notes Offer, the Offeror now
announces that it has determined that it will accept for purchase
5.375% 2023 Notes tendered pursuant to valid Non-Competitive Tender
Instructions on a pro rata basis, with a Scaling Factor of
approximately 62.20%. The Offeror will not accept for purchase any
5.375% 2023 Notes tendered pursuant to Competitive Tender
Instructions. The Offeror will also pay Accrued Interest in respect
of the 5.375% 2023 Notes accepted for purchase pursuant to the
5.375% 2023 Notes Offer equal to approximately 2.389 per cent. of
the nominal amount of the relevant 5.375% 2023 Notes.
In respect of the 5.75% 2023 Notes Offer, the Offeror now
announces that it has determined that the 5.75% 2023 Notes Clearing
Spread will be 50 basis points. The Series Acceptance Amount in
relation to the 5.75% 2023 Notes will be U.S.$251,010,000 and the
5.75% 2023 Notes Purchase Price will be 114.025 per cent. of the
nominal amount of the relevant 5.75% 2023 Notes. In respect of the
5.75% 2023 Notes Offer, the Offeror now announces that it has
determined that it will accept for purchase all 5.75% 2023 Notes
tendered pursuant to valid Non-Competitive Tender Instructions with
no pro rata scaling. The Offeror will not accept for purchase any
5.75% 2023 Notes tendered pursuant to Competitive Tender
Instructions. The Offeror will also pay Accrued Interest in respect
of the 5.75% 2023 Notes accepted for purchase pursuant to the 5.75%
2023 Notes Offer equal to approximately 1.102 per cent. of the
nominal amount of the relevant 5.75% 2023 Notes.
In respect of the 2024 Notes Offer, the Offeror now announces
that it has determined that the 2024 Notes Clearing Spread will be
50 basis points. The Series Acceptance Amount in relation to the
2024 Notes will be U.S.$ 148,990,000 and the 2024 Notes Purchase
Price will be 113.746 per cent. of the nominal amount of the
relevant 2024 Notes. In respect of the 2024 Notes Offer, the
Offeror now announces that it has determined that it will accept
for purchase 2024 Notes tendered pursuant to valid Non-Competitive
Tender Instructions on a pro rata basis, with a Scaling Factor of
approximately 61.10%. The Offeror will not accept for purchase any
2024 Notes tendered pursuant to Competitive Tender Instructions.
The Offeror will also pay Accrued Interest in respect of the 2024
Notes accepted for purchase pursuant to the 2024 Notes Offer equal
to approximately 1.881 per cent. of the nominal amount of the
relevant 2024 Notes.
A summary of the final pricing of the 2021 Notes Offer appears
below:
2021 Notes Benchmark Security 2021 Notes 2021 Notes Series Acceptance
Clearing Spread Rate Purchase Yield Purchase Price Amount Accrued Interest
15 basis points 1.439 per cent. 1.589 per cent. 105.482 per cent. U.S.$ 500,000,000 2.160 per cent.
------------------- ------------------ ------------------ ------------------ -----------------
A summary of the final pricing of the 5.375% 2023 Notes Offer
appears below:
5.375% 2023 Notes Benchmark Security 5.375% 2023 Notes 5.375% 2023 Notes Series Acceptance
Clearing Spread Rate Purchase Yield Purchase Price Amount Accrued Interest
40 basis points 1.413 per cent. 1.813 per cent. 110.540 per cent. U.S.$ 100,000,000 2.389 per cent.
------------------- ------------------ ------------------ ------------------ -----------------
A summary of the final pricing of the 5.75% 2023 Notes Offer
appears below:
5.75% 2023 Notes Benchmark Security 5.75% 2023 Notes 5.75% 2023 Notes Series Acceptance
Clearing Spread Rate Purchase Yield Purchase Price Amount Accrued Interest
50 basis points 1.413 per cent. 1.913 per cent. 114.025 per cent. U.S.$ 251,010,000 1.102 per cent.
------------------- ------------------ ------------------ ------------------ -----------------
A summary of the final pricing of the 2024 Notes Offer appears
below:
2024 Notes Benchmark Security 2024 Notes 2024 Notes Series Acceptance
Clearing Spread Rate Purchase Yield Purchase Price Amount Accrued Interest
50 basis points 1.413 per cent. 1.913 per cent. 113.746 per cent. U.S.$ 148,990,000 1.881 per cent.
------------------- ------------------ ------------------ ------------------ -----------------
The expected Settlement Date for the Offers is January 31,
2020.
BNP Paribas, Citigroup Global Markets Limited and J.P. Morgan
Securities plc are acting as Dealer Managers and Lucid Issuer
Services Limited is acting as Information and Tender Agent.
Dealer Managers
BNP Paribas Citigroup Global Markets
10 Harewood Avenue Limited
London NW1 6AA Citigroup Centre
United Kingdom Canada Square
London E14 5LB
United Kingdom
Tel: +44 20 7595 8668
Attention: Liability Management Tel: +44 20 7986 8969
Group Attention: Liability
Email: liability.management@bnpparibas.com Management Group
Email: liabilitymanagement.europe@citi.com
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP
United Kingdom
Tel: +44 20 7134 2468
Attention: Liability Management
Email: em_europe_lm@jpmorgan.com
Dealer Managers
BNP Paribas Citigroup Global Markets
10 Harewood Avenue Limited
London NW1 6AA Citigroup Centre
United Kingdom Canada Square
London E14 5LB
United Kingdom
Tel: +44 20 7595 8668
Attention: Liability Management Tel: +44 20 7986 8969
Group Attention: Liability
Email: liability.management@bnpparibas.com Management Group
Email: liabilitymanagement.europe@citi.com
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP
United Kingdom
Tel: +44 20 7134 2468
Attention: Liability Management
Email: em_europe_lm@jpmorgan.com
Information and Tender Agent
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
United Kingdom
Telephone: +44 20 7704 0880
Attention: Arlind Bytyqi
Email: hungary@lucid-is.com
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire or
sell any securities is being made pursuant to this announcement.
The distribution of this announcement and the Tender Offer
Memorandum in certain jurisdictions may be restricted by law.
Persons into whose possession this announcement or the Tender Offer
Memorandum comes are required by the Offeror, the Dealer Managers
and the Information and Tender Agent to inform themselves about,
and to observe, any such restrictions.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
RTESEWFLAESSEEF
(END) Dow Jones Newswires
January 28, 2020 09:30 ET (14:30 GMT)
Hungary. 41 (LSE:63DW)
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부터 6월(6) 2024 으로 7월(7) 2024
Hungary. 41 (LSE:63DW)
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부터 7월(7) 2023 으로 7월(7) 2024
