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Published on 5/17/2023 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

San Marino accepts tenders for €287.49 million of 3¼% notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., May 17 – Republic of San Marino gave results in its cash tender offer for its outstanding €340 million 3¼% notes due Feb. 24, 2024 (ISIN: XS2239061927), according to a notice.

As of the expiration of 11 a.m. ET on May 16, €287,493,000 of the notes were validly tendered and accepted for purchase.

As previously reported, the republic was offering to purchase any and all of the notes at par.

The company will also pay accrued interest to but excluding the settlement date.

Settlement is expected to occur on May 19, subject to the completion of a new financing condition on that date.

To satisfy the condition, the republic also announced that it intends to issue new euro-denominated 6.5% notes due Jan. 19, 2027.

Holders who participate in the tender offer and wish to subscribe for the new notes may receive priority in allocation of the new notes.

The nominal amount of the 2024 notes which will remain outstanding following settlement is €52,507,000.

Goldman Sachs International (liabilitymanagement.eu@gs.com) is dealer manager for the tender offer.

The tender agent is Morrow Sodali Ltd. (sanmarino@investor.morrowsodali.com; https://projects.morrowsodali.com/ SanMarino; +44 20 4513 6933 or +852 2319 4130).


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