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

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Oct 14, 2011, 11:52 ET

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: [email protected] +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: [email protected]	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: [email protected]	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: [email protected]