Join        Login             Stock Quote

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

Tuesday, October 1, 2013 12:00 AM

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Date, an aggregate principal amount of US$57,538,000 of the 2021 Notes had been validly tendered and not validly withdrawn, and an aggregate principal amount of US$86,223,000 of the 2022 Notes had been validly tendered and not validly withdrawn.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


Maturity Date





7.25% Notes due 2021(2)

December 15, 2021




7.25% Notes due 2021(3)

December 15, 2021




7.00% Notes due 2022(2)

August 4, 2022




7.00% Notes due 2022(3)

August 4, 2022




(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


Central Bank of Barbados

Michelle Doyle-Lowe

Director, Research and Economic Analysis Department

(246) 227-8365


SOURCE Government of Barbados

(Source: PR Newswire )
(Source: Quotemedia)


Related Stories

  • No Stories Found


Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.