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Гарячі теми закрити
Головна Barbados The Government of Barbados Announces the Final Results of its
Offer to Purchase for Cash its Notes Listed Below



THE GOVERNMENT OF BARBADOS ANNOUNCES THE FINAL RESULTS OF ITS OFFER TO PURCHASE
FOR CASH ITS NOTES LISTED BELOW

4 години тому
PR Newswire
Поділитися в фейсбуціПоділитися Поділитися в твіттеріТвітнуть

/PRNewswire/ -- The Government of Barbados (the "Offeror") announces today the
final results of its offer (the "Offer") to holders (the "Noteholders") of
its...


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED
OR RESIDENT IN ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL

BRIDGETOWN, Barbados, Sept. 19, 2022 /PRNewswire/ -- The Government of Barbados
(the "Offeror") announces today the final results of its offer (the "Offer") to
holders (the "Noteholders") of its outstanding (i) U.S.$530,595,100.00 6.500%
Notes due 2029 (of which U.S.$530,583,900.00 is outstanding) (the "Notes") to
purchase for cash, at a price to be determined pursuant to a modified Dutch
auction, up to U.S.$70,000,000.00 (including accrued, but unpaid interest) of
the Notes in aggregate tender consideration (the "Maximum Aggregate
Consideration Amount") on the terms and subject to the conditions set forth in
the tender offer memorandum dated 9 September 2022 (the "Tender Offer
Memorandum").

The Offeror has, pursuant to the terms set forth in the Tender Offer Memorandum,
increased the Maximum Aggregate Consideration Amount to U.S.$74,013,260.94
(including accrued, but unpaid interest) of the Notes in aggregate tender
consideration.

The Offer was made upon the terms and subject to the conditions set forth in the
Tender Offer Memorandum. Capitalized terms used in this announcement but not
defined herein have the meanings given to them in the Tender Offer Memorandum.

Final Results

The table below sets forth information with respect to the Notes that were
validly tendered at or prior to 5:00 p.m., New York City time on 15 September
2022 (the "Expiration Deadline") and the final amounts that the Offeror will
accept for purchase pursuant to the Offer (subject to the satisfaction or waiver
of the New Financing Condition on or prior to the Settlement Date and the other
terms and conditions described in the Tender Offer Memorandum). The Offer
expired at the Expiration Deadline, and no further Notes may be tendered for
purchase pursuant to the Offer.

Maximum Acceptance Amount Applicable to the Offer: U.S.$74,013,260.94

 

Description of the Notes

ISIN/CUSIP

Outstanding Principal Amount

Aggregate Principal Amount Validly Tendered

Acceptance Amount (face value)

Purchase Price

Maximum Aggregate Consideration Amount 

U.S.$530,595,100.00 6.500% Notes due 2029

Rule 144A Notes: ISIN: US067070AH54 CUSIP: 067070AH5 and Regulation S Notes:
ISIN: USP48864AQ80 / CUSIP:  P48864AQ8

U.S.$530,583,900.00

U.S.$169,771,300.00

U.S.$77,647,600.00

U.S.$92.25 per U.S.$100 principal amount of the Notes accepted for purchase

U.S.$74,013,260.94 (including accrued but unpaid interest)

The Offeror announces that it accepted for purchase (i) all Notes tendered
pursuant to valid Non-Competitive Offers with no pro rata scaling and (ii) all
Notes tendered pursuant to valid Competitive Offers up to and including the
Purchase Price with no pro rata scaling, each subject to the rounding and
adjustment provisions set forth in the Tender Offer Memorandum. Notes tendered
at a purchase price above the Purchase Price have not been accepted for
purchase.

Tender Consideration

The Offeror will pay for the Notes accepted by it for purchase pursuant to the
Offer, a purchase price equal to U.S.$92.25 per U.S.$100 in principal amount of
such Notes and will also pay the Accrued Interest Payment in respect of such
Notes. The tender consideration that the Offeror will pay to Noteholders for the
Notes tendered in the Offer and accepted for purchase will be the aggregate of
(x) an amount calculated on the basis of the Purchase Price and the original
nominal amount of Notes accepted for purchase and (y) an amount in cash
equivalent to the Accrued Interest (together, the "Tender Consideration").

On the basis of the nominal amount of the Notes accepted by the Offeror as
indicated in the table above, the aggregate Tender Consideration will be
U.S.$74,013,260.94 (which includes the aggregate Accrued Interest Payment of
U.S.$2,383,349.94).

Payment of Tender Consideration

Payment of the Tender Consideration for the Notes accepted for purchase pursuant
to the  Offer is expected to be made on the Settlement Date, as described in the
Tender Offer Memorandum (subject to satisfaction or waiver of the New Financing
Condition on or prior to the Settlement Date and the other terms and conditions
described in the Tender Offer Memorandum and subject to change without notice).

Conditions to the Offer

The Offeror is not under any obligation to accept any tender of Notes for
purchase pursuant to the Offer. Tenders of Notes for purchase may be rejected in
the sole discretion of the Offeror for any reason and the Offeror is not under
any obligation to Noteholders to furnish any reason or justification for
refusing to accept a tender of Notes for purchase. For example, tenders of Notes
for purchase may be rejected if the Offer is terminated, if the New Financing
Condition is not satisfied or if the Offer does not comply with the relevant
requirements of a particular jurisdiction or for any other reason. Subject to
the New Financing Condition being satisfied or waived, no assurance can be given
that any Offer will be completed. In addition, the Offeror may, in its sole and
absolute discretion, waive any of the conditions to the Offer after this
announcement.

New Financing Condition

The Offeror intends to execute, as borrower, a multicurrency term facility
agreement arranged by Credit Suisse International as Global Lead Arranger and
FirstCaribbean International Bank (Barbados) Limited as Domestic Lead Arranger
and Facility Agent on 20 September 2022. Whether the Offeror will accept and
settle the purchase of the Notes validly tendered in the Offer is conditioned
upon (unless such condition is waived by the Offeror in its sole and absolute
discretion) the successful satisfaction of any conditions precedents therein or
such other financing as the Offeror may determine on terms acceptable to it (in
each case as determined by the Offeror in its sole and absolute discretion) (the
"New Financing Condition"). Even if the New Financing Condition is satisfied,
the Offeror is not under any obligation to accept for purchase any Notes
tendered pursuant to the Offer.

Each of the foregoing conditions is for the sole benefit of the Offeror and may
only be waived by the Offeror, in whole or in part, at any time and from time to
time, in its discretion. Any determination by the Offeror concerning the
conditions set forth above (including whether or not any such condition has been
satisfied or waived) will be final and binding upon the Noteholders, the
Information and Tender Agent and all other persons.

As described in the Tender Offer Memorandum, Notes repurchased following
completion of the Offer may only be cancelled by the Offeror on or after 1
October 2024. Prior to 1 October 2024, the Offeror may hold, reissue or resell
the repurchased Notes. A proposal to cancel the Notes prior to 1 October 2024
would require an extraordinary resolution of the Noteholders to be passed.

Notes that are not tendered or accepted for purchase pursuant to the Offer will
remain outstanding.

Disclaimer

This announcement does not contain the full terms and conditions of the Offer.
The terms and conditions of the Offer are contained in the Tender Offer
Memorandum, and are subject to the Offer and distribution restrictions set out
below and more fully described therein.

Further information

Credit Suisse Securities (USA) LLC and CIBC World Markets Corp. have been
appointed by the Offeror to serve as dealer managers (the "Dealer Managers") for
the Offer. D.F. King (the "Information and Tender Agent") has been appointed by
the Offeror to act as the information and tender agent in connection with the
Offer.

For additional information regarding the terms of the Offer, please contact
Credit Suisse Securities (USA) LLC by telephone at (800) 820-1653; Collect:
(212) 538-2147 and by email at [email protected] and CIBC World Markets Corp. by
telephone at (212) 455-6427 and 1-800-282-0822 (toll free) by email at
[email protected].

Requests for documents and questions regarding the tender of Notes may be
directed to the Information and Tender Agent D.F. King & Co., Inc. via:

Banks & Brokers Call: (212) 269-5550

Toll free: (866) 342-4881

Email: [email protected]

The Tender Offer Memorandum is expected to be distributed to Noteholders
beginning today. A copy of the Tender Offer Memorandum is available on the
tender offer website accessible at www.dfking.com/barbados.

Neither the Purchase Price nor the Tender Consideration, if paid by the Offeror
with respect to the Notes accepted for purchase, will necessarily reflect the
actual value of the Notes.

Offer and Distribution Restrictions

Neither this announcement nor the Tender Offer Memorandum constitutes an offer
to participate in the Offer in any jurisdiction in which, or to any person to or
from whom, it is unlawful to make such offer 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 the Offeror,
the Dealer Managers and the Information and Tender Agent to inform themselves
about, and to observe, any such restrictions

Nothing in this announcement or the Tender Offer Memorandum or the electronic
transmission thereof constitutes an offer to sell or the solicitation of an
offer to buy the New Notes in the United States or any other jurisdiction.

In addition, each Noteholder participating in an Offer will also be deemed to
give certain representations in respect of the other jurisdictions referred to
above and generally as set out in "Procedures for Participating in the Offer" of
the Tender Offer Memorandum. Any tender of Notes for purchase pursuant to an
Offer from a Noteholder that is unable to make these representations will not be
accepted. Each of the Offeror, the Dealer Managers and the Information and
Tender Agent reserves the right, in its absolute discretion, to investigate, in
relation to any tender of Notes for purchase pursuant to an Offer, whether any
such representation given by a Noteholder is correct and, if such investigation
is undertaken and as a result the Offeror determines (for any reason) that such
representation is not correct, such tender shall not be accepted. The acceptance
of any tender shall not be deemed to be a representation or a warranty by any of
the Offeror, the Dealer Manager or the Information and Tender Agent or any of
their respective directors, officers, employees, agents or affiliates that it
has undertaken any such investigation and/or that any such representation to any
person underwriting any such Notes is correct.

United Kingdom

The communication of this announcement, the Tender Offer Memorandum and any
other documents or materials relating to the Offer are not being made, and such
documents and/or materials have not been approved, by an authorised person for
the purposes of section 21 of the Financial Services and Markets Act 2000 (the
FSMA). Accordingly, such documents and/or materials are not being distributed
to, and must not be passed on to, the general public in the United Kingdom. The
communication of such documents and/or materials is exempt from the restriction
on financial promotions under section 21 of the FSMA on the basis that it is
only directed at and may be communicated to (1) those persons who are existing
creditors of the Offeror within Article 43(2) of the FSMA (Financial Promotion)
Order 2005, as amended, and (2) to any other persons to whom these documents
and/or materials may lawfully be communicated.

Belgium

None of this announcement, the Tender Offer Memorandum or any other documents or
materials relating to the Offer have been, or will be, submitted to or notified
to, or approved by, the Belgian Financial Services and Markets Authority
(Autorité des services et marchés financiers/Autoriteit voor Financiële Diensten
en Markten) and, accordingly, the Offer may not be made in Belgium by way of a
public offering, as defined in Article 3 of the Belgian Law of 1 April 2007 on
takeover bids (loi relative aux offres publiques d'acquisition/wet op de
openbare overnamebiedingen), as amended or replaced from time to time.

Accordingly this announcement and the Tender Offer Memorandum, as well as any
brochure, or any other material or document relating thereto (including any
memorandum, information circular, brochure or any similar document) may not,
have not and will not be distributed, directly or indirectly, to any person
located and/or resident within Belgium, other than those who qualify as
qualified investors (investisseurs qualifiés/qekwalificeerde beleggers), within
the meaning of Article 2, e), of the Prospectus Regulation acting on their own
account. Accordingly, the information contained in the Tender Offer Memorandum
or in any brochure or any other document or material relating thereto may not be
used for any other purpose, including for any offering in Belgium, except as may
otherwise be permitted by law, and shall not be disclosed or distributed to any
other person in Belgium.

France

This announcement, Tender Offer Memorandum and any other documents or materials
relating to the Offer are only addressed to and are only directed at qualified
investors within the meaning of the Prospectus Regulation in France. Each person
in France who receives any communication in respect of the Offer contemplated in
this announcement and the Tender Offer Memorandum and any other documents or
materials relating to the Offer will be deemed to have represented, warranted
and agreed to and with the Dealer Managers and the Offeror that it is a
qualified investor within the meaning of Article 2(e) of the Prospectus
Regulation.

European Economic Area

In any European Economic Area ("EEA") Member State, this announcement and the
Tender Offer Memorandum are only addressed to, and are only directed at,
"qualified investors" (as defined in Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017, as amended (the "Prospectus
Regulation")) in that Member State.

Each person in a Member State of the EEA who receives any communication in
respect of the Offer contemplated in this announcement and the Tender Offer
Memorandum will be deemed to have represented, warranted and agreed to and with
each Dealer Manager and the Offeror that it is a qualified investor within the
meaning of the Prospectus Regulation.

SOURCE Government of Barbados



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