Result of Tender Offer

Cyprus (Republic of)

26 June 2024

 

NOT FOR DISTRIBUTION IN OR INTO ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.

Republic of Cyprus, acting through the Ministry of Finance

26 June 2024

ANNOUNCEMENT - RESULTS OF TENDER OFFER

The Republic of Cyprus, acting through the Ministry of Finance (the "Offeror") announces today the results of its invitation to eligible holders of its outstanding €1,500,000,000 2.375 per cent. Notes due 25 September 2028 (ISIN: XS1883942648) (the "Notes") to tender their Notes for purchase by the Offeror for cash (such invitation, the "Offer").

The Offer was announced on 18 June 2024 and was made on the terms and subject to the conditions contained in the tender offer memorandum dated 18 June 2024 (the "Tender Offer Memorandum") prepared by the Offeror in connection with the Offer. Capitalised terms used in this announcement but not defined have the meaning given to them in the Tender Offer Memorandum.

The Expiration Deadline for the Offer was 5.00 p.m. (CEST) on 25 June 2024.

The Offeror announces today that it has decided to accept all Notes validly tendered pursuant to the Offer and, accordingly, it will accept (subject to satisfaction or waiver of the New Financing Condition) for purchase €149,774,000 in aggregate nominal amount of the Notes pursuant to the Offer (the "Final Acceptance Amount").

A summary of the results of the Offer appears below:

Description of Notes	ISIN	Final Acceptance Amount	Purchase Price	Principal amount outstanding following settlement of the Offer
€1,500,000,000 2.375 per cent. Notes due 25 September 2028 (the "Notes")	XS1883942648	€149,774,000	98.40 per cent. of the principal amount of the Notes	€1,350,226,000

The expected Settlement Date for the Offer is 28 June 2024.

The Dealer Managers

Citigroup Global Markets Europe AG Telephone: [phone] Email: [e-mail]	Deutsche Bank Aktiengesellschaft Telephone: [phone]
Goldman Sachs Bank Europe SE Telephone: [phone] Email: [e-mail]	HSBC Continental Europe Telephone: [phone] Email: [e-mail]

THE TENDER AGENT

Kroll Issuer Services Limited

The Shard
32 London Bridge Street
London SE1 9SG

United Kingdom

Telephone: [phone]
Attention: Alessandro Zorza
Email: [e-mail]
Offer Website: https://deals.is.kroll.com/cyprus

DISCLAIMER

This announcement must be read in conjunction with the Tender Offer Memorandum.  No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

 

END