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NEWS

16. 5. 2017

Results of the Republic of Slovenia Tender for 2022, 2023 and 2024 USD Bonds

Ljubljana, 16 May 2017 - The Republic of Slovenia announces final acceptance amount, series acceptance amounts and pricing for the purposes of its tender offers for each of its outstanding U.S.$2,250,000,000 5.500 per cent. Notes due 2022 (of which U.S.$1,079,271,000 is currently outstanding), U.S.$2,500,000,000 5.850 per cent. Notes due 2023 (of which U.S.$1,105.113,000 is currently outstanding) and U.S.$2,000,000,000 5.250 per cent. Notes due 2024 (of which U.S.$1,350,008,000 is currently outstanding).

Further to its announcements on 9 May 2017 and earlier today, The Republic of Slovenia (the “Issuer” or the “Republic”), now announces the final results and pricing for the purposes of its invitation to eligible holders of its outstanding (i) U.S.$2,250,000,000 5.500 per cent. Notes due 2022 (ISIN: XS0847086237/US831594AB23) (of which U.S.$1,079,271,000 is currently outstanding) (the “2022 Notes”) and/or (ii) U.S.$2,500,000,000 5.850 per cent. Notes due 2023 (ISIN: XS0927637818/US831594AD88) (of which U.S.$1,105,113,000 is currently outstanding) (the “2023 Notes”) and/or (iii) U.S.$2,000,000,000 5.250 per cent. Notes due 2024 (ISIN: XS0982709221/US831594AG10) (of which U.S.$1,350,008,000 is currently outstanding) (the “2024 Notes” and, together with the 2022 Notes and the 2023 Notes, the “Notes) to tender their Notes for purchase by the Issuer for cash (each such invitation an “Offer” and, together, the “Offers”).

 

The Offers were made on the terms and subject to the conditions set out in the Tender Offer Memorandum dated 9 May 2017 (the “Tender Offer Memorandum”). Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

 

The Republic intends to accept for purchase U.S.$1,092,289,000 in aggregate nominal amount of the Notes, therefore increasing the Final Acceptance Amount referred to in the Tender Offer Memorandum from U.S.$750,000,000 in aggregate nominal amount of the Notes.

 

In respect of the 2022 Notes Offer, the Issuer now announces that it has determined that the 2022 Notes Clearing Spread will be the Maximum Purchase Spread for the 2022 Notes, being 75 basis points. The Series Acceptance Amount in relation to the 2022 Notes will, subject to satisfaction or waiver of the New Financing Condition, be U.S.$256,054,000 and the 2022 Notes Purchase Price will be 114.463 per cent. of the nominal amount of the relevant 2022 Notes. In respect of the 2022 Notes Offer, the Issuer now announces that it has determined, subject to satisfaction or waiver of the New Financing Condition, that it will accept for purchase all 2022 Notes tendered pursuant to valid Non-Competitive Tender Instructions with no pro rata scaling. The Issuer will not accept for purchase any 2022 Notes tendered pursuant to valid Competitive Tender Instructions. The Issuer will also pay Accrued Interest in respect of the 2022 Notes accepted for purchase pursuant to the 2022 Notes Offer equal to approximately 0,413 per cent. of the nominal amount of the relevant 2022 Notes.

 

In respect of the 2023 Notes Offer, the Issuer now announces that it has determined that the 2023 Notes Clearing Spread will be a purchase spread of 85 basis points. The Series Acceptance Amount in relation to the 2023 Notes will, subject to satisfaction or waiver of the New Financing Condition, be U.S.$325, 819,000 and the 2023 Notes Purchase Price will be 117.111 per cent. of the nominal amount of the relevant 2023 Notes. In respect of the 2023 Notes Offer, the Issuer now announces that it has determined, subject to satisfaction or waiver of the New Financing Condition, that it will accept for purchase all 2023 Notes tendered pursuant to valid Non-Competitive Tender Instructions with no pro rata scaling. The Issuer will not accept for purchase any 2023 Notes tendered pursuant to valid Competitive Tender Instructions. The Issuer will also pay Accrued Interest in respect of the 2023 Notes accepted for purchase pursuant to the 2023 Notes Offer equal to approximately 0,211 per cent. of the nominal amount of the relevant 2023 Notes.

 

In respect of the 2024 Notes Offer, the Issuer now announces that it has determined that the 2024 Notes Clearing Spread will be the Maximum Purchase Spread for the 2024 Notes, being 50 basis points. The Series Acceptance Amount in relation to the 2024 Notes will, subject to satisfaction or waiver of the New Financing Condition, be U.S.$510,416,000 and the 2024 Notes Purchase Price will be 114.532 per cent. of the nominal amount of the relevant 2024 Notes. In respect of the 2024 Notes Offer, the Issuer now announces that it has determined, subject to satisfaction or waiver of the New Financing Condition, that it will accept for purchase all 2024 Notes tendered pursuant to valid Non-Competitive Tender Instructions with no pro rata scaling. The Issuer will not accept for purchase any 2024 Notes tendered pursuant to valid Competitive Tender Instructions. The Issuer will also pay Accrued Interest in respect of the 2024 Notes accepted for purchase pursuant to the 2024 Notes Offer equal to approximately 1.385 per cent. of the nominal amount of the relevant 2024 Notes.

 

A summary of the final pricing of the 2022 Notes Offer appears below:

 

2022 Notes Clearing Spread

Reference U.S. Treasury Rate

2022 Notes Purchase Yield

2022 Notes Purchase Price

Series Acceptance Amount

Accrued Interest

75 basis points

1.872 per cent.

2.622 per cent.

114.463 per cent.

U.S.$256,054,000

0.413 per cent.

 

A summary of the final pricing of the 2023 Notes Offer appears below:

 

 

2023 Notes Clearing Spread

Reference U.S. Treasury Rate

2023 Notes Purchase Yield

2023 Notes Purchase Price

Series Acceptance Amount

Accrued Interest

85 basis points

1.872 per cent.

2.722 per cent.

117.111 per cent.

U.S.$325, 819,000

0.211 per cent.

 

A summary of the final pricing of the 2024 Notes Offer appears below:

 

 

2024 Notes Clearing Spread

Reference_U.S. Treasury Rate

2024 Notes Purchase Yield

2024 Notes Purchase Price

Series Acceptance Amount

Accrued Interest

50 basis points

2.362 per cent.

2.862 per cent.

114.532 per cent.

U.S.$510,416,000

1.385 per cent.

 

The expected Settlement Date for the Offers is 23 May 2017.

 

PUBLIC RELATIONS OFFICE