TIDM63DW
RNS Number : 4285M
Hungary
11 January 2023
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE
UNLAWFUL
January 11, 2023
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 5.750% NOTES DUE 2023 (OF WHICH
U.S.$1,151,760,000 IS OUTSTANDING) AND U.S.$2,000,000,000 5.375%
NOTES DUE 2024 (OF WHICH U.S.$1,642,972,000 IS OUTSTANDING).
Further to its announcements on January 4, 2023 and January 11,
2023, 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 5.750% Notes due 2023 (of
which U.S.$1,151,760,000 is outstanding) (the "November 2023
Notes") (ISIN: US445545AJ57 / CUSIP: 445545AJ5) and (b)
U.S.$2,000,000,000 5.375% Notes due 2024 (of which
U.S.$1,642,972,000 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 January 4,
2023 (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.$1,000,000,000 in
aggregate nominal amount of the Notes (being the Final Acceptance
Amount), subject to satisfaction or waiver of the New Financing
Condition on or prior to the Settlement Date.
In respect of the November 2023 Notes, the Offeror now announces
that it has determined that the November 2023 Notes Clearing Spread
will be 20 basis points. The Series Acceptance Amount in relation
to the November 2023 Notes will be U.S.$380,300,000 and the
November 2023 Notes Purchase Price will be U.S.$1,006.47 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 on a pro rata basis, with a
Scaling Factor of approximately 83.3627% . 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.$8.15 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 20 basis points. The Series Acceptance Amount in relation
to the March 2024 Notes will be U.S.$619,700,000 and the March 2024
Notes Purchase Price will be U.S.$1,005.74 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 on a pro rata basis, with a Scaling Factor of
approximately 83.3637% . 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 approximately
equal to U.S.$16.13 per U.S.$1,000 in principal amount of the March
2024 Notes.
A summary of the final results and pricing of the Notes appears
below:
Benchmark Series
Series Clearing Security Purchase Purchase Acceptance Accrued Scaling
Spread Rate Yield Price Amount Interest Factor
U.S.$1,006.47
(per U.S.$8.15
U.S.$1,000 (per U.S.$1,000
November 20 basis 4.762 4.962 in principal in principal
2023 Notes points per cent. per cent. amount) U.S.$380,300,000 amount) 83.3627%
------------ ---------- ------------ ------------ ---------------- ----------------- ----------------- --------
U.S.$1,005.74
(per U.S.$16.13
U.S.$1,000 (per U.S.$1,000
March 20 basis 4.670 4.870 in principal in principal
2024 Notes points per cent. per cent. amount) U.S.$619,700,000 amount) 83.3637%
---------- ------------ ------------ ---------------- ----------------- ----------------- --------
The expected Settlement Date for the Offers is January 13,
2023.
BNP Paribas, Citigroup Global Markets Europe AG, Deutsche Bank
Aktiengesellschaft, Goldman Sachs Bank Europe SE, and J.P. Morgan
SE are acting as Dealer Managers and Kroll Issuer Services Limited
is acting as Information and Tender Agent.
BNP Paribas Citigroup Global Markets Europe
16, boulevard des Italiens AG
75009 Paris Reuterweg 16,
France Frankfurt am Main, DE-HE 60323,
Telephone: +33 1 55 77 78 94 Germany
Attention: Liability Management Telephone: +44 20 7986 8969;
Group Email: liabilitymanagement.europe@citi.com
Email: liability.management@bnpparibas.com ; Attention: Liability Management
Group
Deutsche Bank Aktiengesellschaft Goldman Sachs Bank Europe
Mainzer Landstr. 11-17 SE
60329 Frankfurt am Main Marienturm
Germany Taunusanlage 9-10
Tel: +44 20 7545 8011 D-60329 Frankfurt am Main
Attention: Liability Management Germany
Group
Tel.: +44 207 7744836
Email: liabilitymanagement.eu@gs.com
Attention: Liability Management
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: Illia Vyshenskyi
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
RTEFLFLVLAILLIV
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January 11, 2023 08:23 ET (13:23 GMT)
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