Philippines tenders for maximum amount of 11 series of notes in offer

By Susanna Moon

Chicago, Jan. 9 - The Republic of the Philippines began a tender offer for a maximum amount of 11 series of notes, with the cap to be set later, according to an FWP filing with the Securities and Exchange Commission.

The offer began at 8 p.m. ET on Jan. 8 and is set to end the following day at 4 p.m. ET on Jan. 9.

The purchase price per $1,000 principal amount for each series of bonds will be as follows:

• $1,100 for the $473 million of 8 7/8% bonds due March 17, 2015;

• $1,141.25 for the $399 million of 8% bonds due Jan. 15, 2016;

• $1,205 for the $526 million of 8¾% bonds due Oct. 7, 2016;

• $1,231.25 for the $653 million of 9 3/8% bonds due Jan. 18, 2017;

• $1,336.25 for the $792 million of 9 7/8% bonds due Jan. 15, 2019;

• $1,285 for the $1,182,000,000 of 8 3/8% bonds due June 17, 2019;

• $1,191.25 for the $1,153,000,000 of 6½% bonds due Jan. 20, 2020;

• $1,046.25 for the $2,076,000,000 of 4% bonds due Jan. 15, 2021;

• $1,266.25 for the $366 million of 7½% bonds due Sept. 25, 2024;

• $1,450 for the $463 million of 9½% bonds due Oct. 21, 2024; and

• $1,561.25 for the $1,553,000,000 of 10 5/8% bonds due March 16, 2025.

The outstanding principal amount does not include amounts held by the republic.

Holders also will receive accrued interest up to but excluding the settlement date.

The minimum denomination is $2,000 and integral multiples of $1,000 after that for the 2015 bonds; $1,000 and integral multiples after that for the October 2016 bonds, the 2017 bonds, the January 2019 bonds, the October 2024 bonds and 2025 bonds; $100,000 and integral multiples of $1,000 after that for the January 2016 bonds, the June 2019 bonds, the 2020 bonds, the 2021 bonds and the September 2024 bonds.

The information agent is Bondholder Communications Group, LLC (attn: Ruth Perez, email rperez@bondcom.com, 212 809-2663, +44 20 7382 4580 or fax +44 20 7067 9239).

The dealer managers are Deutsche Bank Securities Inc. (attn: liability management group, 212 250-6801, +44 207 545 8011 or +65 6423 5342, fax +44 113 223 6121 or email liability.management@db.com), Hongkong and Shanghai Banking Corp. Ltd. (attn: liability management, 888 HSBC-4LM, +852 2822 4100, +44 207 992 6237 or 212 525-5552, fax +852 3409 1482 or email liability.management@hsbcib.com) and Standard Chartered Bank (attn: capital markets, +65 6596 9645, +44 207 885 5739, fax +65 6535 1931 or email Primary.Debt@sc.com).

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