Jamaica launches tender offers for three note series due 2025, 2028

By Marisa Wong

Los Angeles, Oct. 19 – The government of Jamaica has begun an invitation to holders of notes from three series to tender their notes for purchase for cash, such that the amount to be paid by Jamaica for the outstanding original principal amount of notes tendered and accepted for purchase is equal to a maximum purchase price to be determined by Jamaica at its discretion, according to a press release.

Jamaica is offering to purchase notes from the following series:

• 7 5/8% notes due 2025 (Cusip: 470160BQ4), with $381,176,000 original principal amount outstanding and $254,118,603.92 principal amount outstanding reflecting amortization, at $1,020;

• 9¼% notes due 2025 (Cusip: 470160AT9), with $85,225,000 original principal amount outstanding and $85,225,000 principal amount outstanding reflecting amortization, at $1,052.50; and

• 6¾% notes due 2028 (Cusip: 470160CA8), with $1,421,447,000 original principal amount outstanding and $1,421,447,000 principal amount outstanding reflecting amortization, at $1,015.

The purchase price is per $1,000 original principal amount and will be multiplied by the amortization factor, if applicable.

The amortization factor is 0.66666667 for the 7 5/8% notes.

The company will also pay accrued interest.

If tenders exceed the offer cap, tendered notes may be subject to proration.

The tender offer will expire at 5 p.m. ET on Oct. 27.

Tenders may be withdrawn at any time at or prior to the expiration deadline.

Settlement is expected to occur on Nov. 2.

The invitation is not conditioned on any minimum participation of any series of old notes but is conditioned on, among other things, the pricing and closing of an international capital markets transaction.

The dealer managers for the invitation are BofA Securities, Inc. (646 855-8988 or 888 292-0070) and Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745).

The tender and information agent is Global Bondholder Services Corp. (212 430-3774 or 855 654-2014; http://gbsc-usa.com/Jamaica/).

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