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Mongolia reports results of tender offers for 2022, 2023 bonds
Chicago, June 28 – Mongolia announced the results of its capped tender offers for its $799,192,000 outstanding 5 1/8% bonds due 2022 (Cusips: 60937GAB2, 60937FAB4) and its $800 million outstanding 5 5/8% bonds due 2023 (Cusips: Y6142NAB4, 60937LAB1), according to an announcement.
As of the 5 p.m. ET deadline on June 25, the country received tenders for $662,412,000 of the 5 1/8% bonds and $617,197,000 of the 5 5/8% bonds.
Initially, it was announced that Mongolia would likely purchase up to $600 million of the notes, based on a new offering. Currently, the government is expected to issue $1 billion of new notes.
Mongolia expects to accept for purchase all of the 5 1/8% notes tendered and a maximum amount of the 5 5/8% bonds that will be determined by taking the amount of proceeds from the new bonds and subtracting out the tenders for the 5 1/8% notes.
The government expects to announce whether the financing condition has been satisfied, the aggregate principal amount of bonds tendered and accepted to be repurchases and the proration factor for the 2023 bonds around June 29.
Dealer managers are J.P. Morgan Securities plc (+44 20 7134 1470, +852 2800 8219, Liability_Management_HK@jpmorgan.com), Morgan Stanley & Co. International plc (800 624-1808, 212 761-1057, +44 20 7677 5040, +852 2239 1484, apsynd@morganstanley.com), Nomura International (Hong Kong) Ltd. (+852 2536 7056, +44 20 7103 2454, liability.management@nomura.com) and HSBC Ltd. (888 HSBC-4LM, +852 3941 0223, +44 20 7992 6237, 212 525-5552, liability.management@hsbcib.com).
Morrow Sodali Ltd. is the tender and information agent (+44 20 8089 3287, 203 609-4910, +852 2319 4130, mongolia@investor.morrowsodali.com, https://bonds.morrowsodali.com/mongolia).
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