The Jamaican Government on Tuesday made public its intention to purchase for cash, notes due 2019, 2021, 2022 and 2025. This paves the way for note holders validly tender their notes in the invitation which commenced on Tuesday, August 8, 2017 and will expire at 5:00 pm, New York time on Monday August 14, 2017. The timeline of the invitation may be extended or terminated earlier by the Government in its sole discretion. The invitation is part of a broader program to manage the country’s external liabilities. Furthermore, Notes not tendered or purchased in the invitation, may be redeemed or repurchased in the future by Jamaica. The invitation will be conditioned upon other things such as the issuance and sale for cash of one or more new series of notes and the issuance and sale of the New Notes in an amount and on terms and conditions acceptable to Jamaica.

Holders who wish to take part in the invitation may do so by requesting participation through the medium which holders hold the notes (i.e. broker), at or prior to the expiration date. Notes validly tendered and accepted for purchase pursuant to the invitation is equal to a maximum purchase amount to be determined by Jamaica in its sole discretion. As per the press release, the settlement of validly tendered old notes will occur on August 18, 2017.

The purchase price for the Old Notes of each series validly tendered and accepted pursuant to the Invitation will be the fixed price indicated in the table below per each original U.S.$1,000 principal amount of Old Notes. Note holders whose notes have been tendered and accepted for purchase will receive accrued and unpaid interest on their old notes up to the settlement date.

 

Old Notes	Outstanding Principal Amount as of Tuesday August 8, 2017	Original Principal Amount Issued	CUSIP/ISIN	Factor	Purchase Price per Original U.S.$1,000 Principal Amount
8.000% Amortizing Notes due 2019 (the “2019 Notes”)	U.S.$187,713,498.00	U.S.$750,000,000	470160AW2/ US470160AW29	67%	U.S.$1,065.00
8.500% Amortizing Notes due 2021 (the “2021 Notes”)	U.S.$70,642,470.60	U.S.$161,904,731	470160BP6/ US470160BP68	52.941176%	U.S.$1,140.00
11.625% Notes due 2022 (the “2022 Notes”)	U.S.$250,000,000.00	U.S.$250,000,000	470160AQ5/ US470160AQ50	100%	U.S.$1,275.00
9.250% Notes due 2025 (the “2025 Notes”)	U.S.$250,000,000.00	U.S.$250,000,000	470160AT9/ US470160AT99	100%	U.S.$1,305.00

 

 

 

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