The Republic of Paraguay’s cash tender offer for Existing Bonds expired on February 24, 2025. Validly tendered amounts include US$284,434,000 for 2026 Bonds and US$350,491,000 for 2027 Bonds. Settlement for accepted bonds is anticipated on March 4, 2025, pending compliance with the Offer’s terms. Citigroup and Itau BBA are the Dealer Managers for this process.
On February 25, 2025, the Republic of Paraguay announced the expiry of its cash tender offer for existing bonds. The offer aimed to purchase various series of Existing Bonds from registered holders, contingent upon conditions outlined in the Offer Document dated February 18, 2025. The tender offer concluded as planned at 5:00 p.m. New York City time on February 24, 2025.
The offer detailed the aggregate principal amounts of the Existing Bonds tendered, including:
– 5.000% Bonds (2026 Bonds), totaling US$284,434,000 (85.66% validly tendered at US$1,005.00)
– 4.700% Bonds (2027 Bonds), totaling US$350,491,000 (70.10% validly tendered at US$997.50).
Completion of the tender offer is subject to the simultaneous or earlier issuance of new global bonds sufficient to fund the Offer, with terms acceptable to Paraguay. The New Bonds will be offered only via specific offering memoranda, and this announcement does not serve as a solicitation for those securities.
The expected settlement date for validly tendered and accepted Existing Bonds is March 4, 2025. Holders will receive the Purchase Price and Accrued Interest upon fulfillment of the Offer conditions. An announcement regarding the Maximum Purchase Price and Aggregate Purchase Price for each series will be made after the tender’s conclusion.
Citigroup Global Markets Inc. and Itau BBA USA Securities, Inc. serve as Dealer Managers, while Global Bondholder Services Corporation acts as the information agent. Interested parties can direct inquiries to the provided contact information, noting that participation in the tender is restricted to qualified entities.
Investors must review offering memoranda before participating in the New Bonds Offerings. The New Bonds will be available to qualified institutional buyers following specific guidelines under the Securities Act. This announcement serves as preliminary information only and does not constitute an offer to purchase the Existing Bonds.
In summary, the Republic of Paraguay successfully completed its cash tender offer for Existing Bonds, which expired on February 24, 2025. The Offer’s conditions involved the potential issuance of new bonds to finance the purchase. Settlement is expected by March 4, 2025, providing Holders with Purchase Prices and Accrued Interest, while adherence to legal requirements regarding bond sales is emphasized.
Original Source: www.news-journal.com
