TIDM63DW
RNS Number : 8094O
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 INDICATIVE SERIES ACCEPTANCE AMOUNTS AND
CLEARING SPREADS FOR THE PURPOSES OF ITS TENDER 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 announcement on June 7, 2022, Hungary (the
"Offeror"), announces today a non-binding indication of the level
at which it expects to set each Series Acceptance Amount and
Clearing Spread for the November 2023 Notes and the March 2024
Notes (as defined below) 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.
Announcement of Indicative Series Acceptance Amounts and
Clearing Spreads
The Offers expired as at the Expiration Deadline of 5:00 p.m.
(New York City Time) / 11:00 p.m. (Central Europe Time) on June 13,
2022.
In the event that the Offeror decides to accept valid tenders of
Notes pursuant to the Offers, the Offeror expects to:
1. set the Series Acceptance Amount for the February 2023 Notes
at U.S.$558,286,000. The Offeror expects to accept all February
2023 Notes tendered without any pro rata scaling; and
2. set the Series Acceptance Amount for the November 2023 Notes
at U.S.$479,400,000 and for the March 2024 Notes at
U.S.$151,038,000. On the basis of each such Series Acceptance
Amount, the Offeror expects to set the November 2023 Notes Clearing
Spread at 90 basis points and the March 2024 Notes Clearing Spread
at 95 basis points. The Offeror expects to accept all November 2023
Notes and March 2024 Notes tendered pursuant to valid
Non-Competitive Tender Instructions without any pro rata scaling.
The Offeror does not expect to accept any Notes tendered pursuant
to valid Competitive Tender Instructions.
Noteholders should note that this is a non-binding indication of
the level at which the Offeror expects to set the relevant Series
Acceptance Amounts and Clearing Spreads.
Pricing
Pricing in respect of the Offers will take place at or around
7:00 a.m. (New York City Time) / 1:00 p.m. (Central Europe Time)
today, June 14, 2022. As soon as reasonably practicable after the
Pricing Time, the Offeror will announce whether it will accept
(subject to satisfaction or waiver of the New Financing Condition
on or prior to the Settlement Date) valid tenders of Notes pursuant
to any of the Offers and, if so accepted, the Final Acceptance
Amount, each Series Acceptance Amount, each Clearing Spread (if
applicable), each relevant Benchmark Security Rate, each Purchase
Yield, each Purchase Price and the Accrued Interest for each Series
and any Scaling Factor(s).
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 SE ING Bank N.V.
Marienturm Foppingadreef 7
Taunusanlage 9-10 1102 BD Amsterdam
D-60329 Frankfurt am Main The Netherlands
Germany In Europe:
Tel: +44 20 7767 6784
Email: liability.management@ing.com
Tel.: +44 207 7744836 Attention: Liability Management
Email: liabilitymanagement.eu@gs.com Team
Attention: Liability Management In the United States:
Group Tel: +1 646 424 8972
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 TENDER 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
RTEGPUGCQUPPUBC
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June 14, 2022 05:48 ET (09:48 GMT)
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