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The Republic Of The Philippines Announces Results Of Its Invitation For Offers
By: PR Newswire
Nov. 16, 2012 01:55 PM
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:
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:
The Dealer Managers for the Invitation are:
Contact: Rita Upton, Bondholder Communications Group, 212-809-2663
SOURCE The Republic of the Philippines
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