Philippines starts one-day tender offer to buy global bonds

New York, Jan. 6 – The Philippines announced the start of a tender offer for its global bonds that will run for a single day.

Holders can submit their securities for purchase up until 4 p.m. ET on Jan. 6.

Funding for the offer will come from a sale of new global bonds due 2040.

The tender covers the following securities:

• $505 million of 8% bonds due Jan. 15, 2016. The tender price is $1,082.50 per $1,000 principal amount;

• $470 million of 8¾% bonds due Oct. 7, 2016. The tender price is $1,145.00 per $1,000 principal amount;

• $797 million of 9 3/8% bonds due Jan. 18, 2017. The tender price is $1,176.25 per $1,000 principal amount;

• $861 million of 9 7/8% bonds due Jan. 15, 2019. The tender price is $1,311.25 per $1,000 principal amount;

• $1,238,000,000 of 8 3/8% bonds due June 17, 2019. The tender price is $1,275.00 per $1,000 principal amount;

• $985 million of 6½% bonds due Jan. 20, 2020. The tender price is $1,207.50 per $1,000 principal amount;

• $2,076,000,000 of 4% bonds due Jan. 15, 2021. The tender price is $1,096.25 per $1,000 principal amount;

• $578 million of 7½% bonds due Sept. 25, 2024. The tender price is $1,331.25 per $1,000 principal amount;

• $348 million of 9½% bonds due Oct. 21, 2024. The tender price is $1,500.00 per $1,000 principal amount;

• $1,633,000,000 of 10 5/8% bonds due March 16, 2025. The tender price is $1,621.25 per $1,000 principal amount;

• $1.5 billion of 5½% bonds due March 30, 2026. The tender price is $1,205.00 per $1,000 principal amount;

• $2 billion of 9½% bonds due Feb. 2, 2030. The tender price is $1,645.00 per $1,000 principal amount;

• $2,385,000,000 of 7¾% bonds due Jan. 14, 2031. The tender price is $1,467.50 per $1,000 principal amount;

• $1.5 billion of 6 3/8% bonds due Jan. 15, 2032. The tender price is $1,330.00 per $1,000 principal amount; and

• $2,847,000,000 of 6 3/8% bonds due Oct. 23, 2034. The tender price is $1,357.50 per $1,000 principal amount.

The Philippines will also pay accrued interest up to but excluding the settlement date, which will be Jan. 12.

Tenders will be accepted up to a maximum purchase amount that will be set by the Philippines. The maximum purchase amount will be the total paid for the bonds excluding accrued interest.

Holders who submit indications of interest for the new global bonds will receive preferred treatment in the tender, and their offers to sell will be accepted before non-preferred holders.

Deutsche Bank Securities Inc. (212 250-6801, +44 207 545 8011, +65 6423 5342 or liability.management@db.com) and Hongkong and Shanghai Banking Corp. Ltd. (888-HSBC-4LM, +852 2822 4100, +44 207 992 6237, 212 525 5552 or liability.management@hsbcib.com) are the dealer managers. D.F. King & Co., Inc. (rop@dfking.com, 212 269-5550, 877 361-7964, +44 20 7920 9700 or +632 8935 815/816) is the information agent.

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