TIDM93GS
RNS Number : 0694E
Kingdom of Saudi Arabia (The)
25 October 2022
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN ANY JURISDICTION WHERE THE DISTRIBUTION OF THIS
ANNOUNCEMENT WOULD BE UNLAWFUL (SEE "OFFER AND DISTRIBUTION
RESTRICTIONS" IN THE TENDER OFFER MEMORANDUM).
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7 OF (I) THE MARKET ABUSE REGULATION (EU)
596/2014 AND (II) THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018.
THE KINGDOM OF SAUDI ARABIA (ACTING THROUGH THE MINISTRY OF
FINANCE) ANNOUNCES INDICATIVE RESULTS IN RELATION TO THE TENDER
OFFERS FOR ITS (I) U.S.$3,000,000,000 2.875 PER CENT. NOTES DUE
2023, (II) U.S.$4,500,000,000 4.000 PER CENT. NOTES DUE 2025, (III)
U.S.$2,500,000,000 2.900 PER CENT. NOTES DUE 2025 AND (IV)
U.S.$5,500,000,000 3.250 PER CENT. NOTES DUE 2026
25 October 2022
Further to the announcements dated 18 and 19 October 2022, the
Kingdom of Saudi Arabia (acting through the Ministry of Finance)
(the Issuer) announces today the indicative results in relation to
its invitation to holders of its (i) U.S.$3,000,000,000 2.875 per
cent. Notes due 2023 (the 2023 Notes), (ii) U.S.$4,500,000,000
4.000 per cent. Notes due 2025 (the April 2025 Notes), (iii)
U.S.$2,500,000,000 2.900 per cent. Notes due 2025 (the October 2025
Notes) and (iv) U.S.$5,500,000,000 3.250 per cent. Notes due 2026
(the 2026 Notes) (each a Series and together the Notes) to tender
their Notes for purchase by the Issuer for cash (each such
invitation an Offer and together the Offers).
Capitalised terms used in this announcement but not defined have
the meanings given to them in the tender offer memorandum dated 18
October 2022 (the "Tender Offer Memorandum").
Indicative Results
The Expiration Deadline for the Offers was 5.00 p.m. (New York
City time) on 24 October 2022.
As at the Expiration Deadline, the Issuer had received tenders
of Notes for purchase pursuant to the Offers in respect of each
Series, and hereby gives a non-binding indication of (i) the
aggregate principal amount of the Notes of each such Series that it
intends to accept for purchase (the Non-Binding Indicative Series
Acceptance Amount) and (ii) the final aggregate principal amount of
Notes that it intends to accept for purchase pursuant to the Offers
(the Non-Binding Indicative Final Acceptance Amount), in each case
as set out below:
Series of Notes Non-Binding Indicative Series Acceptance Amount Non-Binding Indicative Final Acceptance Amount
2023 Notes U.S.$632,543,000
------------------------------------------------ -----------------------------------------------
April 2025 Notes U.S.$249,387,000
------------------------------------------------
October 2025 Notes U.S.$98,892,000
------------------------------------------------
2026 Notes U.S.$287,675,000 U.S.$1,268,497,000
------------------------------------------------ -----------------------------------------------
The Issuer intends (subject to satisfaction or waiver of the New
Financing Condition on or prior to the Settlement Date) to accept
all valid tenders of Notes pursuant to the Offers for purchase
without scaling.
Pricing is expected to take place at or around 10.00 a.m. (New
York City time) today (the Pricing Time). As soon as reasonably
practicable after the Pricing Time, the Issuer will announce (i)
its decision of whether to accept (subject to satisfaction or
waiver of the New Financing Condition on or prior to the Settlement
Date) valid tenders of Notes pursuant to the Offers and, if so
accepted, (ii) the Final Acceptance Amount, (iii) each Series
Acceptance Amount and, in respect of the Notes of each Series
accepted for purchase, (iv) any Scaling Factor (if applicable), (v)
the Benchmark Security Rate, (vi) the Purchase Yield and (vii) the
Purchase Price.
The expected Settlement Date for the Offers (subject to
satisfaction or waiver of the New Financing Condition) is 27
October 2022.
The Offers have now expired and no further Notes can be tendered
for purchase.
Questions and requests for assistance in connection with the
Offers may be directed to the Dealer Managers or the Tender and
Information Agent.
The Dealer Managers
BNP Paribas Goldman Sachs International
16, boulevard des Italiens Plumtree Court
75009 Paris 25 Shoe Lane
France London EC4A 4AU
Telephone: +33 1 55 77 78 94 United Kingdom
Attention: Liability Management
Group Telephone: +44 (0)20 7552 6157
Email: liability.management@bnpparibas.com Attention: Liability Management
Group
Email: liabilitymanagement.eu@gs.com
HSBC Bank plc
8 Canada Square
London E14 5HQ
United Kingdom
Telephone: +44 (0)20 7992 6237
Attention: Liability Management, DCM
Email: liability.management@hsbcib.com
In the United States :
Toll-free: +1 (888) HSBC-4LM
Collect: +1 (212) 525-5552
The Tender and Information Agent
Kroll Issuer Services Limited
The Shard
32 London Bridge Street
London
SE1 9SG
United Kingdom
Telephone: +44 (0) 20 7704 0880
Attention: Arlind Bytyqi
Email: ksa@is.kroll.com
Tender Offer Website: https://deals.is.kroll.com/ksa
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. The distribution of this Announcement
and the Tender Offer Memorandum in certain jurisdictions may be
restricted by law. Persons into whose possession this Announcement
and the Tender Offer Memorandum comes are required by each of the
Issuer, the Dealer Managers and the Tender and Information Agent to
inform themselves about, and to observe, any such restrictions.
This announcement is released by the Kingdom of Saudi Arabia
(acting through the Ministry of Finance) and contains information
that qualified or may have qualified as inside information for the
purposes of Article 7 of (i) the Market Abuse Regulation (EU)
596/2014 (EU MAR) and (ii) the Market Abuse Regulation (EU)
596/2014 (UK MAR) as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018, encompassing information
relating to the Offers described above. For the purposes of EU MAR
and UK MAR and Article 2 of (i) Commission Implementing Regulation
(EU) 2016/1055 and (i) Commission Implementing Regulation (EU)
2016/1055 as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018, this announcement is made by
Hani Almedaini, Chief Executive Officer at National Debt Management
Centre.
This announcement does not contain or constitute an offer of, or
the solicitation of an offer to buy or subscribe for, securities to
any person in the United States or any other jurisdiction. The
securities referred to in this announcement may not be offered,
sold or delivered in the United States absent registration under,
or an exemption from the registration requirements of, the United
States Securities Act of 1933, as amended (the Securities Act). The
securities referred to in this announcement have not been, and will
not be, registered under the Securities Act, or the securities laws
of any state or other jurisdiction of the United States, and such
securities may not be offered, sold or delivered, directly or
indirectly, within the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws.
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END
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