2014

Government of Barbados Announces Extension of Tender Offer for up to US$250 million of its 7.25% Notes due 2021 and 7.00% Notes due 2022

BRIDGETOWN, Barbados, Oct. 1, 2013 /PRNewswire/ -- As previously announced, on September 23, 2013, the Government of Barbados (the "Government") commenced a tender offer (the "Tender Offer") to purchase for cash its 7.25% notes due 2021 (the "2021 Notes") and 7.00% notes due 2022 (the "2022 Notes" and, together with the 2021 Notes, the "Outstanding Notes") in an aggregate principal amount not to exceed US$250 million.  The Tender Offer is not conditioned upon any minimum participation of any series of Outstanding Notes.  The Tender Offer is being made pursuant to an Offer to Purchase dated as of September 23, 2013 (the "Offer to Purchase").  The Tender Offer was scheduled to expire at 11:59pm on September 30, 2013 (such time and date the "Original Expiration Date"), unless extended or earlier terminated by the Government.  Pursuant to the terms of the Tender Offer, the Government may amend the Tender Offer from time to time in any fashion.

As of the Original Expiration Date, an aggregate principal amount of US$57,538,000 of the 2021 Notes had been validly tendered and not validly withdrawn, and an aggregate principal amount of US$86,223,000 of the 2022 Notes had been validly tendered and not validly withdrawn.

The Government has elected to extend the Tender Offer until 11:59pm on October 1, 2013 (such time and date, the "New Expiration Date"). 

Subject to the receipt of funds from the offering of amortising notes due 2025 through a private placement conducted by the Government pursuant to a confidential offering circular dated as of September 23, 2013, and the satisfaction of the terms and conditions set forth in the Offer to Purchase, the Government will purchase validly tendered and accepted Outstanding Notes (after proration, if any) from holders on the settlement date.  Holders of Outstanding Notes that are validly tendered prior to the New Expiration Date and accepted for purchase will receive total consideration of US$980.00 per US$1,000 principal amount of the 2021 Notes and US$960.00 per US$1,000 principal amount of the 2022 Notes, validly tendered and accepted for purchase, plus any accrued and unpaid interest up to, but not including, the settlement date, which is expected to be on or about October 8, 2013.

The following reflects the maturity date, ISIN, CUSIP and Common Code for each Outstanding Note subject to the Tender Offer:

Bonds(1)

Maturity Date

ISIN

CUSIP

Common

Code

7.25% Notes due 2021(2)

December 15, 2021

US067070AC67

067070AC6

014003169

7.25% Notes due 2021(3)

December 15, 2021

USP48864AC94

P48864AC9

014003096

7.00% Notes due 2022(2)

August 4, 2022

US067070AF98

067070AF9

053086454

7.00% Notes due 2022(3)

August 4, 2022

USP48864AD77

P48864AD7

053086446











(1) Each series of Bonds is listed on the Luxembourg Stock Exchange.

(2) Series 144A

(3) Series Reg S

The Tender Offer is not being made, directly or indirectly, to the public in Argentina, Brazil, Belgium, Israel, Italy, Switzerland or the United Kingdom (other than to investment professionals in Hong Kong or the United Kingdom or qualified investors in Belgium, France or Italy).  Accordingly, holders of Outstanding Notes are notified that, to the extent such holders are located or resident in any of these nations (other than to investment professionals in Hong Kong or the United Kingdom or qualified investors in Belgium, France or Italy), the Tender Offer is not available to them and they may not tender Outstanding Notes in the Tender Offer and, as such, any tender instructions received from or on behalf of such persons shall be ineffective and void.

This news release is neither an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The Tender Offer is being made only pursuant to the Offer to Purchase, copies of which will be delivered to holders.

For more information relating to the Tender Offer, holders of Outstanding Notes may contact D.F. King & Co., Inc. at +1 (800) 769-7666 or via e-mail at barbados@dfking.com.  Banks and Brokers may call collect at +1 (212) 269-5550.  

This release may contain "forward-looking statements" – that is, statements that relate to future, not past, events. In this context, forward-looking statements often address the Government's expected future financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain.  The Government assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments.

For more information please contact:

Ministry of Finance and Economic Affairs

The Government of Barbados

Mr. Martin Cox

Director of Finance and Economic Affairs (ag)

(246) 426-4274

coxm@gob.bb

Central Bank of Barbados

Michelle Doyle-Lowe

Director, Research and Economic Analysis Department

(246) 227-8365

Michelle.Doyle-Lowe@centralbank.org.bb

SOURCE Government of Barbados




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