Information  X 
Enter a valid email address

Oman (Sultanate of) (35NP)

  Print   

Wednesday 29 June, 2022

Oman (Sultanate of)

Indicative Results of Tender Offer

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 TENDER 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 [email protected] or by telephone at +44 20 7986 8969, Goldman Sachs International by email at Liabilitymanagement [email protected] or by telephone at +44 20 7774 4836 and HSBC Bank plc by email at [email protected] 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: [email protected] 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
RTESEDFLUEESESM

a d v e r t i s e m e n t