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Mongolia gives results of cash tender offer for 8¾% bonds due 2024
By William Gullotti
Buffalo, N.Y., Dec. 6 – The government of Mongolia detailed the results of its any-and-all cash tender offer on its outstanding $392,563,000 8¾% bonds due March 2024 (Cusips: Y6142NAA6, 60937LAA3), according to a notice on Wednesday.
As previously reported when the offer opened Nov. 20, the government offered to purchase tendered bonds for $1,010 per $1,000 in principal amount plus accrued interest.
As of the offer expiration at 5 p.m. ET on Nov. 27, an aggregate total of $222,812,000 of the bonds were tendered and accepted for purchase.
Of that total, $218,852,000 fell under Regulation S (Cusip: Y6142NAA6) and $3.96 million were Rule 144A bonds (Cusip: 60937LAA3).
Settlement occurred Dec. 5, and the tendered bonds were subsequently canceled.
The purpose of the offer is to extend the maturity profile of a portion of the government’s external debt.
Concurrently, Mongolia conducted an offering of debt securities. The tender offer is conditioned on the completion of the new issue, as the proceeds will be used for the redemption.
As previously reported Dec. 1, the financing condition was satisfied with the issuance of $350 million 7 7/8% bonds due 2029.
J.P. Morgan Securities plc (+852 2800 8219, +852 2800 7632, liability_Management_HK@jpmorgan.com) and HSBC Ltd. (888 HSBC-4LM, +852 3941 0223, +44 20 7992 6237, 212 525-5552, liability.management@hsbcib.com) are the dealer managers for the tender offer.
Morrow Sodali (+44 20 4513 6933, 203 658-9457, +852 2319 4130, mongolia@investor.morrowsodali.com; https://projects.morrowsodali.com/mongolia) is the tender and information agent.
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