TIDM63DW
RNS Number : 8481O
Hungary
14 June 2022
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE
UNLAWFUL
June 14, 2022
HUNGARY ANNOUNCES FINAL ACCEPTANCE AMOUNT, SERIES ACCEPTANCE
AMOUNTS AND PRICING FOR THE PURPOSES OF ITS TER OFFERS FOR EACH OF
ITS OUTSTANDING U.S.$2,000,000,000 5.375% NOTES DUE 2023 (OF WHICH
U.S.$1,517,582,000 IS OUTSTANDING), U.S.$2,000,000,000 5.750% NOTES
DUE 2023 (OF WHICH U.S.$1,631,160,000 IS OUTSTANDING) AND
U.S.$2,000,000,000 5.375% NOTES DUE 2024 (OF WHICH
U.S.$1,794,010,000 IS OUTSTANDING).
Further to its announcements on June 7, 2022 and June 14, 2022,
Hungary (the "Offeror"), now announces the final results and
pricing for the purposes of its invitations to eligible holders of
its outstanding (a) U.S.$2,000,000,000 5.375% Notes due 2023 (of
which U.S.$1,517,582,000 is outstanding) (the "February 2023
Notes") (ISIN: US445545AH91 / CUSIP: 445545AH9), (b)
U.S.$2,000,000,000 5.750% Notes due 2023 (of which
U.S.$1,631,160,000 is outstanding) (the "November 2023 Notes")
(ISIN: US445545AJ57 / CUSIP: 445545AJ5) and (c) U.S.$2,000,000,000
5.375% Notes due 2024 (of which U.S.$1,794,010,000 is outstanding)
(the "March 2024 Notes") (ISIN: US445545AL04 / CUSIP: 445545AL0)
(collectively, the "Notes" and each a "Series") to tender their
Notes for purchase by the Offeror for cash (each an "Offer" and,
together, the "Offers").
The Offers were made on the terms and subject to the conditions
set out in the Offeror's Tender Offer Memorandum dated June 7, 2022
(the "Tender Offer Memorandum").
Copies of the Tender Offer Memorandum are available from the
Information and Tender Agent as set out below. Capitalized terms
used in this announcement but not defined have the meanings given
to them in the Tender Offer Memorandum.
Final Results
The Offeror intends to accept for purchase U.S.$1,188,724,000 in
aggregate nominal amount of the Notes, subject to satisfaction or
waiver of the New Financing Condition on or prior to the Settlement
Date.
In respect of the February 2023 Notes, the Offeror now announces
that it intends to accept for purchase U.S.$ 558,286,000 in
aggregate nominal amount of the February 2023 Notes without
proration. The February 2023 Notes Purchase Price will be
U.S.$1,014.95 per U.S.$1,000 in principal amount of the February
2023 Notes. The Offeror will also pay Accrued Interest in respect
of the February 2023 Notes accepted for purchase approximately
equal to U.S.$17.17 per U.S.$1,000 in principal amount of the
February 2023 Notes.
In respect of the November 2023 Notes, the Offeror now announces
that it has determined that the November 2023 Notes Clearing Spread
will be 90 basis points. The Series Acceptance Amount in relation
to the November 2023 Notes will be U.S.$ 479,400,000 and the
November 2023 Notes Purchase Price will be U.S.$1,023.58 per
U.S.$1,000 in principal amount of the November 2023 Notes. The
Offeror further announces that it has determined that it will
accept for purchase November 2023 Notes tendered pursuant to valid
Non-Competitive Tender Instructions without proration. The Offeror
will not accept for purchase any November 2023 Notes tendered
pursuant to Competitive Tender Instructions . The Offeror will also
pay Accrued Interest in respect of the November 2023 Notes accepted
for purchase approximately equal to U.S.$3.83 per U.S.$1,000 in
principal amount of the November 2023 Notes.
In respect of the March 2024 Notes, the Offeror now announces
that it has determined that the March 2024 Notes Clearing Spread
will be 95 basis points. The Series Acceptance Amount in relation
to the March 2024 Notes will be U.S.$151,038,000 and the March 2024
Notes Purchase Price will be U.S.$1,019.62 per U.S.$1,000 in
principal amount of the March 2024 Notes. The Offeror further
announces that it has determined that it will accept for purchase
March 2024 Notes tendered pursuant to valid Non-Competitive Tender
Instructions without proration. The Offeror will not accept for
purchase any March 2024 Notes tendered pursuant to Competitive
Tender Instructions. The Offeror will also pay Accrued Interest in
respect of the March 2024 Notes accepted for purchase equal to
U.S.$12.09 per U.S.$1,000 in principal amount of the March 2024
Notes.
A summary of the final pricing of the Notes appears below:
Fixed
Series Spread Benchmark Series
/ Clearing Security Purchase Purchase Acceptance Accrued
Spread Rate Yield Price Amount Interest
February 55 basis 2.580 per 3.130 per U.S.$1,014.95 U.S.$558,286,000 U.S.$17.17
2023 Notes points cent. cent. (per U.S.$1,000 (per U.S.$1,000
in principal in principal
amount) amount)
----------- ------------ ---------- ---------- ----------------- ----------------- -----------------
November 90 basis 3.138 per 4.038 per U.S.$1,023.58 U.S.$479,400,000 U.S.$3.83
2023 Notes points cent. cent. (per U.S.$1,000 (per U.S.$1,000
in principal in principal
amount) amount)
----------- ------------ ---------- ---------- ----------------- ----------------- -----------------
March 2024 95 basis 3.262 per 4.212 per U.S.$1,019.62 U.S.$151,038,000 U.S.$12.09
Notes points cent. cent. (per U.S.$1,000 (per U.S.$1,000
in principal in principal
amount) amount)
------------ ---------- ---------- ----------------- ----------------- -----------------
The expected Settlement Date for the Offers is June 16,
2022.
BNP Paribas, Deutsche Bank Aktiengesellschaft, Goldman Sachs
Bank Europe SE, ING Bank N.V., and J.P. Morgan SE are acting as
Dealer Managers and Kroll Issuer Services Limited is acting as
Information and Tender Agent.
BNP Paribas Deutsche Bank Aktiengesellschaft
16, boulevard des Italiens Mainzer Landstr. 11-17
75009 Paris 60329 Frankfurt am Main
France Germany
Telephone: +33 1 55 77 78 94 Tel: +44 20 7545 8011
Attention: Liability Management Attention: Liability Management
Group Group
Email: liability.management@bnpparibas.com
Goldman Sachs Bank Europe ING Bank N.V.
SE Foppingadreef 7
Marienturm 1102 BD Amsterdam
Taunusanlage 9-10 The Netherlands
D-60329 Frankfurt am Main In Europe:
Germany Tel: +44 20 7767 6784
Email: liability.management@ing.com
Attention: Liability Management
Tel.: +44 207 7744836 Team
Email: liabilitymanagement.eu@gs.com In the United States:
Attention: Liability Management Tel: +1 646 424 8972
Group
J.P. Morgan SE
Taunustor 1 (TaunusTurm)
60310 Frankfurt am Main
Germany
Tel: +44 20 7134 2468
Email: em_europe_lm@jpmorgan.com
Attention: Liability Management
THE INFORMATION AND TER AGENT
Kroll Issuer Services Limited
The Shard
32 London Bridge Street
London SE1 9SG
United Kingdom
Telephone: +44 (0)20 7704 0880
Attention: Arlind Bytyqi / Jacek Kusion
Email: hungary@is.kroll.com
Website: https://deals.is.kroll.com/hungary
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. This announcement and the Tender Offer
Memorandum contain important information which should be read
carefully before any decision is made with respect to the Offers.
If you are in any doubt as to the contents of this announcement or
the Tender Offer Memorandum or the action you should take, you are
recommended to seek your own financial and legal advice, including
as to any tax consequences, immediately from your stockbroker, bank
manager, solicitor, accountant or other independent financial or
legal adviser. Any individual or company whose Notes are held on
its behalf by a broker, dealer, bank, custodian, trust company or
other nominee or intermediary must contact such entity if it wishes
to participate in the Offers. None of the Dealer Managers, the
Information and Tender Agent or the Offeror makes any
recommendation as to whether Noteholders should tender Notes for
purchase pursuant to the Offers.
The Tender Offer Memorandum does not constitute an invitation to
participate in the Offers in any jurisdiction in which, or to any
person to or from whom, it is unlawful to make such invitation or
for there to be such participation under applicable securities
laws. The distribution of the Tender Offer Memorandum in certain
jurisdictions may be restricted by law. Persons into whose
possession the Tender Offer Memorandum comes are required by each
of the Offeror, the Dealer Managers and the Information and Tender
Agent to inform themselves about and to observe any such
restrictions.
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END
RTESFAFDLEESEEM
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