Oct 2023 Financial News

Government of Jamaica Announces an Invitation for Offers to Tender for Cash

Oct 19, 2023

Invitation for Offers

The Government of Jamaica ("Jamaica") announced today the commencement of an invitation for offers to tender for cash (the "Invitation") notes of each series listed in the table below (collectively, the "Old Notes", and each series thereof a "series" of Old Notes) such that the amount to be paid by Jamaica for the outstanding original principal amount of Old Notes validly tendered and accepted for purchase by Jamaica pursuant to the Invitation (i.e., the aggregate Purchase Price (as defined below) multiplied by the applicable Amortization Factor (as defined below)) is equal to a maximum purchase price to be determined by Jamaica in its sole discretion (the "Maximum Purchase Price"). The terms and conditions of the Invitation are set forth in the material dated Thursday, October 19, 2023 (the "Invitation Material").

The Invitation is not conditioned upon any minimum participation of any series of Old Notes but is conditioned on, among other things, the pricing and closing of an international capital markets transaction in an amount and on terms and conditions acceptable to Jamaica.

The Invitation will commence on Thursday, October 19, 2023 and will expire at 5:00 p.m., New York City time, on Friday, October 27, 2023 (the "Expiration Deadline") unless extended or earlier terminated by Jamaica in its sole discretion.  Old Notes may be validly withdrawn at any time at or prior to the Expiration Deadline.  The settlement of validly tendered and accepted Old Notes is expected to occur on Thursday, November 2, 2023 (the "Settlement Date").

Jamaica will pay per U.S.$1,000 original principal amount of each series of Old Notes that are accepted pursuant to the Invitation, a purchase price equal to the applicable fixed price indicated in the in the rightmost column in the table below (the "Purchase Price"), multiplied by the Amortization Factor, if applicable, plus, in each case, accrued and unpaid interest on such Old Notes from the applicable last regular payment of interest to (but excluding) the Settlement Date ("Accrued Interest").

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Source

KINGSTON, Jamaica, Oct. 19, 2023  - PRNewswire