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Uzbekistan modifies tender offer to any-and-all from capped
Chicago, Oct. 2 – The government of Uzbekistan modified its tender offer to accept any and all of the tendered notes from what initially started as a capped tender offer for half of the outstanding notes, according to a market source.
The republic started a tender offer for its UZS 2 trillion 14½% notes due in 2023 (ISINs: XS2264056313, US91822Q2D80) on Sept. 28.
The issuer is still offering a par purchase price for the Rule 144A and Regulation S notes. Interest will also be paid to the payment date. Settlement will be in U.S. dollars.
As a recap, the tender offer expires at 5 p.m. ET on Oct. 4.
The tender offer is subject to a financing condition, namely a successful new offering of som-denominated notes.
Tendering noteholders may be given priority allocation in the new offering.
Tenders may be prorated.
The rationale for the tender offer is that the issuer is attempting to proactively extend the weighted average maturity of its existing public debt and to refinance the major share of upcoming redemptions of public debt.
Results will be announced on Oct. 5, and payment is expected on Oct. 12.
The dealer managers for the offer are Citigroup Global Markets Ltd. (+44 20 7986 8969, liabilitymanagement.europe@citi.com), ICBC Standard Bank plc (+44 20 3145 5000, DCM@icbcstandard.com), J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com, MUFG Securities EMEA plc (+44 77 9693 8194, liability.management@mufgsecurities.com) and Societe Generale (+33 1 42 13 32 40, liability.management@sgcib.com).
Citibank, NA, London Branch is the tender agent (+44 20 7508 3867, Citiexchanges@citi.com).
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