Cyprus accepts tenders for €433.65 million of 4¾%, 4 5/8%, 6½% notes

By Angela McDaniels

Tacoma, Wash., Oct. 27 – The Republic of Cyprus, acting through the Ministry of Finance, announced the results of the tender and switch offers for its €750 million 4¾% notes due 2019, €1 billion 4 5/8% notes due February 2020 and €100 million 6½% notes due May 2020.

The offers were held on Oct. 27. The deadline was 11:15 a.m. ET. Settlement is set for Oct. 30.

The republic accepted preferred offers for €183.65 million of 4¾% notes, €230 million of 4 5/8% notes and €20 million of 6½% notes. No non-preferred offers were accepted.

The proration factor was 0.85856 for the 4 5/8% notes and 0.33334 for the 6½% notes. The 4¾% notes were not prorated.

For each €1,000 principal amount, the purchase price is €1,084.50 for the 4¾% notes, €1,085 for the 4 5/8% notes and €1,165 for the 6½% notes. Holders will also receive accrued interest.

Also on Oct. 27, the republic priced €1 billion of 4¼% notes due 2025. The new notes will be issued on Nov. 4.

In the tender and switch offers, the republic gave priority to noteholders who placed firmed orders for the new notes.

The joint lead managers and dealer managers were Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com), Goldman Sachs International (+44 20 7774 9862 or liabilitymanagement.eu@gs.com), HSBC Bank plc (+44 20 7992 6237 or liability.management@hsbcib.com) and Nomura International plc (+44 20 7103 5652 or liability.management@nomura.com).

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