REG - Angola(Republic of) - Tender Offer Results Announcement

Deutsche Bank AGAnnouncement

28/05/2026 12:15

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RNS Number : 0758G  Angola (The Republic of)  28 May 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

 

THE REPUBLIC OF ANGOLA ANNOUNCES THE RESULTS OF THE TENDER OFFERS FOR ITS
EXISTING NOTES LISTED BELOW

28 May 2026 - The Republic of Angola (the "Republic" or "Angola") today
announces the results of its invitations to eligible holders of its
outstanding U.S.$1,750,000,000 8.25 per cent. Notes due 2028 (Reg. S ISIN:
XS1819680288; Reg. S Common Code: 181968028; Rule 144A ISIN: US035198AB62;
Rule 144A CUSIP number: 035198AB6; Rule 144A Common Code: 181968087) (the
"2028 Notes") and U.S.$1,750,000,000 8.00 per cent. Notes due 2029 (Reg. S
ISIN: XS2083302419; Reg. S Common Code: 208330241; Rule 144A ISIN:
US035198AD29; Rule 144A CUSIP number: 035198AD2; Rule 144A Common Code:
208389815) (the "2029 Notes", together with the 2028 Notes, the "Existing
Notes") to tender such Existing Notes for purchase by the Republic for cash
(the "Offers"). The Offers were announced on 20 May 2026 and were made on
the terms and subject to the conditions set out in the tender offer memorandum
dated 20 May 2026 (the "Tender Offer Memorandum") prepared by the Republic.
Capitalised terms used but not otherwise defined in this announcement shall
have the meanings given to them in the Tender Offer Memorandum.

 

The Expiration Deadline for the Offers was 5.00 p.m. (New York City time)
on 27 May 2026.

 

As at the Expiration Deadline, the Republic had received valid tenders of
U.S.$446,634,000 in aggregate principal amount of 2028 Notes and
U.S.$578,583,000 in aggregate principal amount of 2029 Notes for purchase
pursuant to the Offers.

 

On 28 May 2026, the Republic successfully completed the issuance of (i)
U.S.$600,000,000 9.244 per cent. Notes due 2031 (to be consolidated and form a
single series with the U.S.$1,000,000,000 9.244 per cent. Notes due 2031
issued by the Republic on 15 October 2025); and (ii) and U.S.$900,000,000
9.875 per cent. Notes due 2037 (to be consolidated and form a single series
with the U.S.$1,000,000,000 9.875 per cent. Notes due 2037 issued by the
Republic on 31 March 2026), meaning that the New Financing Condition has been
satisfied. Accordingly, as the Maximum Aggregate Purchase Price has been
reached, the amount of a series of Existing Notes that are purchased on the
Settlement Date will be based on the numerical order of priority for such
series as set forth in the Tender Offer Memorandum. The 2028 Notes are
designated as the first, or highest, Acceptance Priority Level, and the 2029
Notes as the second, or lowest, Acceptance Priority Level.

 

The Republic will accept for purchase all U.S.$446,634,000 in aggregate
principal amount of the 2028 Notes tendered pursuant to the Offer for the 2028
Notes without proration and will accept for purchase U.S.$287,906,000 in
aggregate principal amount of the 2029 Notes tendered pursuant to the Offer
for the 2029 Notes with a proration factor of 48.3676%. If the original
principal amount of validly tendered 2029 Notes that are not accepted and
returned to a Noteholder as a result of proration would result in less than
the Minimum Denomination being returned to such Noteholder, the Republic has
accepted all of such Noteholder's validly tendered 2029 Notes.

 

The aggregate Purchase Price for all Existing Notes accepted for purchase will
be U.S.$749,999,533.

 

The Tender Consideration is (i) in respect of the 2028 Notes, U.S.$1,025.75
per U.S.$1,000 in principal amount of the 2028 Notes plus the Accrued
Interest on the 2028 Notes, and (ii) in respect of the 2029 Notes,
U.S.$1,013.75 per U.S.$1,000 in principal amount of the 2029 Notes plus the
Accrued Interest on the 2029 Notes. The Settlement Date in respect of the
Existing Notes accepted for purchase will be 29 May 2026. All Existing Notes
accepted for purchase will be cancelled and will not be reissued or resold.
Any Existing Notes that were not tendered or are not accepted for purchase
pursuant to the Offers will remain outstanding.

 

Further information

Deutsche Bank AG, London Branch and J.P. Morgan Securities plc (together, the
"Dealer Managers") have been appointed by the Republic to serve as dealer
managers for the Offers. Sodali & Co Limited (the "Information and Tender
Agent") has been appointed by the Republic to act as the information and
tender agent in connection with the Offers.

For additional information regarding the terms of the Offers, please contact
Deutsche Bank AG, London Branch by telephone at +44 20 7545 8011 and J.P.
Morgan Securities plc by email at em_europe_lm@jpmorgan.com or by telephone at
+44 20 7134 2468. Requests for documents and questions regarding the tender of
Existing Notes may be directed to the Information and Tender Agent via email:
angola@investor.sodali.com or telephone: London +44 20 4513 6933.

 

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