TIDM35NP
RNS Number : 6873Q
Oman (Government of Sultanate of)
29 June 2022
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE
UNLAWFUL
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014 ("MAR") AND ARTICLE 7(1) OF THE MARKET ABUSE REGULATION
(EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
THE GOVERNMENT OF THE SULTANATE OF OMAN
represented by
THE MINISTRY OF FINANCE
(the "Issuer")
29 June 2022
THE ISSUER ANNOUNCES INDICATIVE SERIES ACCEPTANCE AMOUNTS AND
CLEARING SPREADS FOR THE PURPOSES OF ITS TER OFFERS FOR EACH OF ITS
OUTSTANDING:
(i) U.S.$1,250,000,000 4.875 PER CENT. NOTES DUE 2025 (THE "2025 NOTES") (XS1944412664/US68205LAA17/68205LAA1) ;
(ii) U.S.$2,500,000,000 4.750 PER CENT. NOTES DUE 2026 (THE "2026 NOTES") (XS1405777589/US682051AC17/682051AC1) ;
(iii) U.S.$2,000,000,000 5.375 PER CENT. NOTES DUE MARCH 2027 (THE "MARCH 2027 NOTES") (XS1575967218/US682051AE72/682051AE7) ;
(iv) U.S.$1,450,000,000 6.750 PER CENT. NOTES DUE OCTOBER 2027 (THE "OCTOBER 2027 NOTES") (XS2234859101/US68205LAD55/68205LAD5) ;
(v) U.S.$2,500,000,000 5.625 PER CENT. NOTES DUE 2028 (THE "2028 NOTES") (XS1750113661/US682051AH04/682051AH0) ;
(vi) U.S.$2,250,000,000 6.000 PER CENT. NOTES DUE 2029 (THE "2029 NOTES") (XS1944412748/US68205LAB99/68205LAB9) ;
(vii) U.S.$1,750,000,000 6.250 PER CENT. NOTES DUE 2031 (THE "2031 NOTES") (XS2288905370/US68205LAS25/68205LAS2) ; AND
(viii) U.S.$1,050,000,000 7.375 PER CENT. NOTES DUE 2032 (THE "2032 NOTES") (XS2234859283/US68205LAE39/68205LAE3) .
The aforementioned Series of Notes are collectively referred to
as the "Notes".
Further to its announcement on 22 June 2022, the Issuer
announces today a non-binding indication of the level at which it
expects to set each Series Acceptance Amount and Clearing Spread
for the Notes to tender their Notes for purchase by the Issuer 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 22 June 2022
(the "Tender Offer Memorandum").
Copies of the Tender Offer Memorandum are available from the
Information and Tender Agent as set out below. Capitalised terms
used in this announcement but not defined have the meanings given
to them in the Tender Offer Memorandum.
Expected Final Acceptance Amount
In the event that the Issuer decides to accept valid tenders of
Notes pursuant to the Offers, as at the Expiration Deadline, the
Issuer had received valid tenders of U.S.$1,020,042,000 in
aggregate principal amount of the Notes for purchase pursuant to
the Offers.
The Issuer expects to accept for purchase Notes tendered in an
amount equal to U.S.$701,076,000 (the "Final Acceptance
Amount").
Existing Noteholders should note that this is a non-binding
indication of the level at which the Issuer expects to set the
Final Acceptance Amount.
As soon as reasonably practicable following the pricing of the
Notes, the Company will announce whether it will accept valid
tenders of Notes pursuant to the Offer and, if so accepted, the
Final Acceptance Amount.
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) on 28 June 2022.
If the Issuer decides to accept valid tenders of Notes pursuant
to the Offers, the Offeror expects to:
(1) set the Series Acceptance Amount for the 2025 Notes at
U.S.$100,844,000. The Issuer expects to set the 2025 Notes Clearing
Spread at 210 basis points. All submitted instructions of the 2025
Notes at the 2025 Notes Clearing Spread or a higher spread will be
accepted in full without any pro rata scaling.
(2) set the Series Acceptance Amount for the 2026 Notes at
U.S.$113,502,000. The Issuer expects to set the 2026 Notes Clearing
Spread at 240 basis points. All submitted instructions of the 2026
Notes at the 2026 Notes Clearing Spread or a higher spread will be
accepted in full without any pro rata scaling.
(3) set the Series Acceptance Amount for the March 2027 Notes at
U.S.$71,207,000. The Issuer expects to set the March 2027 Notes
Clearing Spread at 250 basis points. All submitted instructions of
the March 2027 Notes at the March 2027 Notes Clearing Spread or a
higher spread will be accepted in full without any pro rata
scaling.
(4) set the Series Acceptance Amount for the October 2027 Notes
at U.S.$80,823,000. The Issuer expects to set the October 2027
Notes Clearing Spread at 270 basis points. All submitted
instructions of the October 2027 Notes at the October 2027 Notes
Clearing Spread or a higher spread will be accepted in full without
any pro rata scaling.
(5) set the Series Acceptance Amount for the 2028 Notes at
U.S.$115,760,000. The Issuer expects to set the 2028 Notes Clearing
Spread at 280 basis points. All submitted instructions of the 2028
Notes at the 2028 Notes Clearing Spread or a higher spread will be
accepted in full without any pro rata scaling.
(6) set the Series Acceptance Amount for the 2029 Notes at
U.S.$78,432,000. The Issuer expects to set the 2029 Notes Clearing
Spread at 300 basis points. All submitted instructions of the 2029
Notes at the 2029 Notes Clearing Spread or a higher spread will be
accepted in full without any pro rata scaling.
(7) set the Series Acceptance Amount for the 2031 Notes at
U.S.$112,965,000. The Issuer expects to set the 2031 Notes Clearing
Spread at 315 basis points. All submitted instructions of the 2031
Notes at the 2031 Notes Clearing Spread or a higher spread will be
accepted in full without any pro rata scaling.
(8) set the Series Acceptance Amount for the 2032 Notes at
U.S.$27,543,000. The Issuer expects to set the 2032 Notes Clearing
Spread at 355 basis points. All submitted instructions of the 2032
Notes at the 2032 Notes Clearing Spread or a higher spread will be
accepted in full 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 Issuer expects to set the relevant Series
Acceptance Amounts and Clearing Spreads.
Pricing
Pricing in respect of the Offers will take place at or around
10:00 a.m. (New York City time) today, 29 June 2022. As soon as
reasonably practicable after the Pricing Time, the Issuer will
announce whether it will accept (subject to satisfaction or waiver
of the Conditions to the Offer on or prior to the Settlement Date)
valid tenders of Notes pursuant to any of the Offers and, if so
accepted, of:
(i) the aggregate principal amount of validly tendered Notes of
each Series that have been accepted for purchase;
(ii) any Scaling Factor(s) in respect of the Notes (if applicable);
(iii) each Series Acceptance Amount;
(iv) each Benchmark Security Rate;
(v) each Clearing Spread;
(vi) each Purchase Yield; and
(vii) each Purchase Price and Accrued Interest for each Series.
The expected Settlement Date is 1 July 2022.
* * *
Citigroup Global Markets Limited, Goldman Sachs International
and HSBC Bank plc have been appointed by the Issuer to serve as
dealer managers for the Offer. Citibank, N.A., London Branch (the
"Tender Agent") has been appointed by the Issuer to act as the
tender agent in connection with the Offer.
For additional information regarding the terms of the Offer,
please contact Citigroup Global Markets Limited by email at
liabilitymanagement.europe@citi.com or by telephone at +44 20 7986
8969, Goldman Sachs International by email at Liabilitymanagement
.eu@ny.email.gs.com or by telephone at +44 20 7774 4836 and HSBC
Bank plc by email at LM_EMEA@hsbc.com or by telephone at +44 20
7992 6237. Requests for documents and questions regarding the
tender of Notes may be directed to Citibank N.A., London Branch via
email: citiexchanges@citi.com or telephone: +44 20 7508 3867.
* * *
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 Issuer, the Dealer Managers and the Information and Tender
Agent to inform themselves about and to observe any such
restrictions.
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END
RTESEDFLUEESESM
(END) Dow Jones Newswires
June 29, 2022 10:07 ET (14:07 GMT)
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