Government announces invitation to purchase old notes

The Jamaican Government on Tuesday made public its intention to purchase for cash, notes due 2019, 2021, 2022 and 2025. This paves the way for note holders validly tender their notes in the invitation which commenced on Tuesday, August 8, 2017 and will expire at 5:00 pm, New York time on Monday August 14, 2017. The timeline of the invitation may be extended or terminated earlier by the Government in its sole discretion. The invitation is part of a broader program to manage the country’s external liabilities. Furthermore, Notes not tendered or purchased in the invitation, may be redeemed or repurchased in the future by Jamaica. The invitation will be conditioned upon other things such as the issuance and sale for cash of one or more new series of notes and the issuance and sale of the New Notes in an amount and on terms and conditions acceptable to Jamaica.

Holders who wish to take part in the invitation may do so by requesting participation through the medium which holders hold the notes (i.e. broker), at or prior to the expiration date. Notes validly tendered and accepted for purchase pursuant to the invitation is equal to a maximum purchase amount to be determined by Jamaica in its sole discretion. As per the press release, the settlement of validly tendered old notes will occur on August 18, 2017.

The purchase price for the Old Notes of each series validly tendered and accepted pursuant to the Invitation will be the fixed price indicated in the table below per each original U.S.$1,000 principal amount of Old Notes. Note holders whose notes have been tendered and accepted for purchase will receive accrued and unpaid interest on their old notes up to the settlement date.

 

Old Notes

Outstanding
Principal Amount
as of Tuesday
August 8, 2017

Original
Principal
Amount Issued

CUSIP/ISIN

Factor

Purchase Price per
Original U.S.$1,000
Principal Amount

8.000% Amortizing Notes due
2019 (the “2019 Notes”)

U.S.$187,713,498.00

U.S.$750,000,000

470160AW2/ US470160AW29

67%

U.S.$1,065.00

8.500% Amortizing Notes due 2021 (the “2021 Notes”)

U.S.$70,642,470.60

U.S.$161,904,731

470160BP6/ US470160BP68

52.941176%

U.S.$1,140.00

11.625% Notes due 2022

(the “2022 Notes”)

U.S.$250,000,000.00

U.S.$250,000,000

470160AQ5/ US470160AQ50

100%

U.S.$1,275.00

9.250% Notes due 2025

(the “2025 Notes”)

U.S.$250,000,000.00

U.S.$250,000,000

470160AT9/ US470160AT99

100%

U.S.$1,305.00

 

 

 

Disclaimer:

The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

2017-08-11T16:50:18+00:00