The Republic of the Philippines Announces Results of Its Invitation and Satisfaction of Financing Condition

Oct 14, 2011, 11:52 ET from Republic of the Philippines

MANILA, Philippines, Oct. 14, 2011 /PRNewswire/ -- The Republic of the Philippines (the "Republic") is announcing the results of its invitation (the "Invitation") to holders of certain series of its outstanding bonds (the "Bonds") to submit offers (the "Offers") to sell the Bonds for cash to the Republic in a modified Dutch auction. The Invitation was conducted pursuant to the terms and conditions described in the Invitation for Offers dated October 10, 2011 (the "Invitation for Offers"). The Invitation expired at 5:00 p.m., New York City time, on October 13, 2011.

For the following series of Bonds, the Republic has accepted all non-competitive Offers (including competitive Offers that are deemed to be non-competitive Offers) and competitive Offers specifying an Offer Price (as defined in the Invitation for Offers) less than or equal to the Clearing Price for that series specified in the table below:


Series of Bonds

ISIN

Clearing Price*

Approximate Principal Amount
Accepted for Purchase





USD Bonds




8.750% Bonds due 10/7/2016

US718286AC16 /
USY6972CAJ63

$1,265.00

$37,869,000

9.375% Bonds due 1/18/2017

US718286AQ02

$1,297.50

$144,017,000

7.500% Bonds due 9/25/2024

US718286BC07

$1,270.00

$264,645,000

6.375% Bonds due 1/15/2032

US718286BD89

$1,165.00

$80,219,000





EUR Bonds




6.250% Bonds due 3/15/2016

XS0240387349

euro 1,075.00

euro 98,540,000




*Expressed per US$1,000 or euro1,000, as the case may be, principal amount of Bonds.

For the following series of Bonds, the Republic has accepted only non-competitive Offers (including competitive Offers that are deemed to be non-competitive Offers):


Series of Bonds

ISIN

Clearing Price*

Approximate Principal Amount
Accepted for Purchase





USD Bonds




9.000% Bonds due 2/15/2013

US718286AT41

$1,100.00

$71,628,000

8.250% Bonds due 1/15/2014

US718286AU14

$1,137.50

$59,720,000

8.875% Bonds due 3/17/2015

US718286AW79

$1,212.50

$66,936,000

8.000% Bonds due 1/15/2016

US718286BA41

$1,212.50

$61,410,000

9.875% Bonds due 1/15/2019

US718286AK32

$1,357.50

$68,826,000

8.375% Bonds due 6/17/2019

US718286BE62

$1,285.00

$55,412,000

6.500% Bonds due 1/20/2020

US718286BF38

$1,172.50

$57,098,000

9.500% Bonds due 10/21/2024

US718286AL15

$1,407.50

$17,459,000

10.625% Bonds due 3/16/2025

US718286AP29

$1,532.50

$79,997,000

9.500% Bonds due 2/2/2030

US718286AY36

$1,485.00

$73,874,000

7.750% Bonds due 1/14/2031

US718286BB24

$1,295.00

$40,936,000




*Expressed per US$1,000 principal amount of Bonds.

No Offers accepted in the Invitation will be subject to proration.

Bonds not accepted for purchase by the Republic will be returned to the originating clearing system accounts as soon as practicable, in accordance with the normal procedures of the relevant clearing system.

The Republic is also announcing that the Financing Condition (as defined in the Invitation for Offers) has been satisfied.

The date on which the Republic pays for the Bonds purchased pursuant to the Invitation is expected to be October 25, 2011, or as soon as practicable thereafter. The settlement of the purchase of Bonds in the Invitation is conditioned upon (1) the continued availability of certain investible funds from the Bureau of the Treasury of the Republic and (2) the receipt by the Republic of the proceeds of its recent offering of $50 million of 6.375% Global Bonds due 2034, which is scheduled to occur on October 24, 2011. In addition, notwithstanding any other provisions of the Invitation, the Invitation is conditioned on the absence of legal actions or proceedings affecting the legality or the timing of or imposing restrictions on the consummation of the Invitation and certain other conditions described in the Invitation for Offers.

This announcement is not an offer or a solicitation of offers. The Invitation was made solely by means of the Invitation for Offers. The Invitation does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction where an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.


The Tender and Information Agent for the Invitation is:


Bondholder Communications Group, LLC
Attention: Ruth Perez
E-mail: rperez@bondcom.com  
+1 212 809 2663
Website: www.bondcom.com/rop


In New York:

30 Broad Street, 46th Floor

New York, New York 10004

United States of America

Telephone: +1 212 809 2663

Fax: +1 212 437 9827

In London:

28 Throgmorton Street, 1st Floor

London EC2N 2AN

United Kingdom

Telephone: +44 20 7382 4580

Fax: +44 20 7067 9239




The Dealer Managers for the Invitation are:


Citigroup Global Markets Inc.

Attention: Liability Management Group‬

390 Greenwich Street, 1st Floor‬

‪New York, New York 10013

United States of America

Toll-free: +1 800 558 3745

Collect: +1 212 723 6108


Goldman Sachs (Asia) L.L.C.

Attention: Credit Capital Markets

68/F, Cheung Kong Center

2 Queen's Road Central

Hong Kong

Tel: +852 2978 6659

Fax: +852 2978 0440


c/o:

Liability Management Group

200 West Street

New York, New York 10282

United States of America

Toll-free: +1 800 828 3182

Collect: +1 212 902 5183


The Hongkong and Shanghai Banking Corporation Limited

Level 17, HSBC Main Building

1 Queen's Road Central

Hong Kong

Telephone: +852 2822 4100 (Hong Kong)

Telephone: +44 20 7991 5874 (London)

Telephone: +1 212 525 0866 (U.S.)

Fax: +852 3409 1482

E-mail: liability.management@hsbcib.com


J.P. Morgan Securities LLC

Attention: Debt Syndicate Desk

383 Madison Avenue, 3rd Floor

New York, New York 10179

United States of America

Telephone: +1 212 834 4533


c/o:

Asia Debt Syndicate Desk

26/F, Chater House

8 Connaught Road, Central

Hong Kong

Telephone: +852 2800 8007

Fax: +852 2167 8637


Standard Chartered Bank

Attention: Capital Markets

Marina Bay Financial Centre, Tower 1

8 Marina Boulevard, Level 20

Singapore 018981

Telephone: +65 6324 1740 (Singapore)

Telephone: +44 207 885 8888 (London)

Fax: +65 6535 1931

E-mail: Primary.Debt@sc.com

UBS AG, Hong Kong Branch

Attention: Liability Management Group

52/F, Two International Finance Center

8 Finance Street

Hong Kong

Telephone: +852 2971 7238 (Hong Kong)

Telephone: +1 203 719 4210 (U.S.)

Telephone: +44 20 7567 0525 (London)

E-mail: OL-Liability-Management@ubs.com




SOURCE Republic of the Philippines