The Republic Of The Philippines Announces Results Of Its Invitation
For Offers
MANILA, Philippines,
Nov. 16, 2012 /PRNewswire/ -- The
Republic of the Philippines (the
"Republic") is announcing the results of its invitation (the
"Invitation") to holders of certain series of its outstanding bonds
(the "Bonds") to submit offers (the "Offers") to sell the Bonds to
the Republic for cash in a fixed-spread tender offer. The
Invitation was conducted pursuant to the terms and conditions
described in the Invitation for Offers dated November 8, 2012 (the "Invitation for
Offers"). The Invitation expired at 5:00 p.m., New York
City time, on November 15,
2012. The table below specifies, for each series
of Bonds accepted for purchase, the principal amount accepted for
purchase, the Reference Yield, the Purchase Price and, where
applicable, the proration factor:
|
Series
of Bonds
|
ISIN
|
Acceptance Priority Level
|
Principal Amount Accepted for
Purchase
|
Reference Yield
|
Purchase Price
|
Proration Factor
|
|
|
|
|
|
|
|
|
8.250%
Bonds due 1/15/2014
|
US718286AU14
|
1
|
$266,175,000
|
0.348%
|
$1,092.31
|
100%
|
|
8.875%
Bonds due 3/17/2015
|
US718286AW79
|
1
|
$170,654,000
|
0.403%
|
$1,191.40
|
100%
|
|
8.000%
Bonds due 1/15/2016
|
US718286BA41
|
1
|
$248,723,000
|
0.471%
|
$1,225.10
|
100%
|
|
6.250%
Bonds due 3/15/2016
|
XS0240387349
|
1
|
€116,231,000
|
0.544%
|
€1,151.05
|
100%
|
|
|
|
|
|
|
|
|
8.750%
Bonds due 10/7/2016
|
US718286AC16 / USY6972CAJ63
|
2
|
$0
|
*
|
*
|
*
|
|
9.375%
Bonds due 1/18/2017
|
US718286AQ02
|
2
|
$0
|
*
|
*
|
*
|
|
9.875%
Bonds due 1/15/2019
|
US718286AK32
|
2
|
$0
|
*
|
*
|
*
|
|
8.375%
Bonds due 6/17/2019
|
US718286BE62
|
2
|
$0
|
*
|
*
|
*
|
|
6.500%
Bonds due 1/20/2020
|
US718286BF38
|
2
|
$190,080,000
|
1.172%
|
$1,316.06
|
50.0%
|
|
7.500%
Bonds due 9/25/2024
|
US718286BC07
|
2
|
$143,603,000
|
1.707%
|
$1,481.66
|
100%
|
|
|
|
|
|
|
|
|
9.500%
Bonds due 10/21/2024
|
US718286AL15
|
3
|
$0
|
*
|
*
|
*
|
|
10.625%
Bonds due 3/16/2025
|
US718286AP29
|
3
|
$0
|
*
|
*
|
*
|
|
9.500%
Bonds due 2/2/2030
|
US718286AY36
|
3
|
$0
|
*
|
*
|
*
|
|
7.750%
Bonds due 1/14/2031
|
US718286BB24
|
3
|
$0
|
*
|
*
|
*
|
|
6.375%
Bonds due 1/15/2032
|
US718286BD89
|
3
|
$0
|
*
|
*
|
*
|
________________
* Not applicable
After review of all Offers submitted pursuant to the Invitation,
the Republic has determined that the Maximum Cash Consideration of
$1.5 billion is not adequate to
purchase all of the Bonds offered in Acceptance Priority Levels 2
or 3. Accordingly, the Republic (i) has determined that, of the
series of Bonds with either of those Acceptance Priority Levels, it
will accept for purchase only the amounts shown in the "Principal
Amount Accepted for Purchase" column in the table above and (ii) in
calculating those amounts, has applied the proration factors
indicated in the "Proration Factor" column in the table
above. Bonds not accepted for purchase by the Republic will
be returned to the originating clearing system accounts as soon as
practicable, in accordance with the normal procedures of the
relevant clearing systems.
The date on which the Republic pays for the Bonds purchased
pursuant to the Invitation is expected to be November 27, 2012, or as soon as practicable
thereafter. The settlement of the purchase of Bonds in the
Invitation is conditioned upon (1) the continued availability of
certain investible funds from the Bureau of the Treasury of the
Republic and (2) the receipt by the Republic of the proceeds of its
recent offering of PHP30,800,000,000
of 3.90% PHP Global Bonds due 2022, which is scheduled to occur on
November 26, 2012. In addition,
notwithstanding any other provisions of the Invitation, the
Invitation is conditioned on the absence of legal actions or
proceedings affecting the legality or the timing of or imposing
restrictions on the consummation of the Invitation and certain
other conditions described in the Invitation for Offers.
This announcement is not an offer or a solicitation of offers.
The Invitation was made solely by means of the Invitation for
Offers. The Invitation does not constitute, and may not be used in
connection with, an offer or solicitation by anyone in any
jurisdiction where an offer or solicitation is not authorized or in
which the person making such offer or solicitation is not qualified
to do so or to any person to whom it is unlawful to make such offer
or solicitation.
The Tender and Information Agent
for the Invitation is:
Bondholder Communications Group,
LLC
Attention: Ruth Perez
E-mail: rperez@bondcom.com
Website: www.bondcom.com/rop
|
In New
York:
30 Broad
Street, 46th Floor
New York,
New York 10004
United
States of America
Telephone:
+1 646 470 2802
|
In
London:
28
Throgmorton Street, 1st Floor
London
EC2N 2AN
United
Kingdom
Telephone:
+44 20 7382 4580
Fax: +44
20 7067 9239
|
The Dealer Managers for the
Invitation are:
|
Citigroup Global Markets Inc.
Attention:
Liability Management Group
390
Greenwich Street, 1st Floor
New York,
New York 10013
United
States of America
Toll-free:
+1 800 558 3745
Collect:
+1 212 723 6108
|
Credit
Suisse Securities (USA) LLC
Eleven
Madison Avenue
New York,
New York 10010
United
States of America
Call
Collect (212) 538-2147
or
Call Toll
Free (800) 820-1653
Attn:
Liability Management Group
|
Deutsche Bank Securities Inc.
Attention:
Debt Capital Markets
Syndicate Desk
60 Wall
Street
New York,
New York 10005
United
States of America
Telephone:
NY: +1 212
250 7527
London:
+44 207 545 8011
Singapore:
+65 6423 5342
|
|
Goldman
Sachs (Asia) L.L.C.
Attention:
Credit Capital Markets
68/F,
Cheung Kong Center
2 Queen's
Road Central
Hong
Kong
Tel: +852
2978 6659
Fax: +852
2978 0440
c/o:
Liability
Management Group
200 West
Street
New York,
New York 10282
United
States of America
Toll-free:
+1 800 828 3182
Collect:
+1 212 902 5183
|
The
Hongkong and Shanghai Banking Corporation Limited
Level 17,
HSBC Main Building
1 Queen's
Road Central
Hong
Kong
Telephone:
+852 2822 4100 (Hong Kong)
Telephone:
+44 20 7991 5874 (London)
Telephone:
+1 212 525 0866 (U.S.)
Fax: +852
3409 1482
E-mail:
liability.management@hsbcib.com
|
J.P.
Morgan Securities LLC
Attention:
Debt Syndicate Desk
383
Madison Avenue, 3rd Floor
New York,
New York 10179
United
States of America
Telephone:
+1 212 834 4533
c/o:
Asia Debt
Syndicate Desk
26/F,
Chater House
8
Connaught Road, Central
Hong
Kong
Telephone:
+852 2800 8007
Fax: +852
2167 8637
|
|
Morgan
Stanley & Co. LLC
1585
Broadway | Floor 04
New York,
New York 10036
United
States of America
Attn:
Liability Management Group
U.S. Toll
Free: +1 800 624 1808
Collect:
+1 212 761 1057
|
Standard Chartered Bank
Attention:
Capital Markets
Marina Bay
Financial Centre, Tower 1
8 Marina
Boulevard, Level 20
Singapore
018981
Telephone:
+65 6324 1740 (Singapore)
Telephone:
+44 207 885 5739 (London)
Fax: +65
6535 1931
E-mail:
Primary.Debt@sc.com
|
UBS AG,
Hong Kong Branch
Attention:
Liability Management Group
52/F, Two
International Finance Center
8 Finance
Street
Hong
Kong
Telephone:
+852 2971 7238 (Hong Kong)
Telephone:
+1 203 719 4210 (U.S.)
Telephone:
+44 20 7567 0525 (London)
E-mail:
OL-Liability-Management@ubs.com
|
Contact: Rita Upton, Bondholder
Communications Group, 212-809-2663
SOURCE The Republic of the
Philippines