REG - Hungary - Tender Offer Final Results

Deutsche Bank AGAnnouncement

11/01/2023 14:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230111:nRSK4285Ma&default-theme=true

RNS Number : 4285M  Hungary  11 January 2023

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY
JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE UNLAWFUL

January 11, 2023

HUNGARY ANNOUNCES FINAL ACCEPTANCE AMOUNT, SERIES ACCEPTANCE AMOUNTS AND
PRICING FOR THE PURPOSES OF ITS TENDER OFFERS FOR EACH OF ITS OUTSTANDING
U.S.$2,000,000,000 5.750% NOTES DUE 2023 (OF WHICH U.S.$1,151,760,000 IS
OUTSTANDING) AND U.S.$2,000,000,000 5.375% NOTES DUE 2024 (OF WHICH
U.S.$1,642,972,000 IS OUTSTANDING).

Further to its announcements on January 4, 2023 and January 11, 2023, Hungary
(the "Offeror"), now announces the final results and pricing for the purposes
of its invitations to eligible holders of its outstanding (a)
U.S.$2,000,000,000 5.750% Notes due 2023 (of which U.S.$1,151,760,000 is
outstanding) (the "November 2023 Notes") (ISIN: US445545AJ57 / CUSIP:
445545AJ5) and (b) U.S.$2,000,000,000 5.375% Notes due 2024 (of which
U.S.$1,642,972,000 is outstanding) (the "March 2024 Notes") (ISIN:
US445545AL04 / CUSIP: 445545AL0) (collectively, the "Notes" and each a
"Series") to tender their Notes for purchase by the Offeror for cash (each an
"Offer" and, together, the "Offers").

The Offers were made on the terms and subject to the conditions set out in the
Offeror's Tender Offer Memorandum dated January 4, 2023 (the "Tender Offer
Memorandum").

Copies of the Tender Offer Memorandum are available from the Information and
Tender Agent as set out below. Capitalized terms used in this announcement but
not defined have the meanings given to them in the Tender Offer Memorandum.

Final Results

The Offeror intends to accept for purchase U.S.$1,000,000,000 in aggregate
nominal amount of the Notes (being the Final Acceptance Amount), subject to
satisfaction or waiver of the New Financing Condition on or prior to the
Settlement Date.

In respect of the November 2023 Notes, the Offeror now announces that it has
determined that the November 2023 Notes Clearing Spread will be 20 basis
points.  The Series Acceptance Amount in relation to the November 2023 Notes
will be U.S.$380,300,000 and the November 2023 Notes Purchase Price will be
U.S.$1,006.47 per U.S.$1,000 in principal amount of the November 2023 Notes.
The Offeror further announces that it has determined that it will accept for
purchase November 2023 Notes tendered pursuant to valid Non-Competitive Tender
Instructions on a pro rata basis, with a Scaling Factor of approximately
83.3627%. The Offeror will not accept for purchase any November 2023 Notes
tendered pursuant to Competitive Tender Instructions. The Offeror will also
pay Accrued Interest in respect of the November 2023 Notes accepted for
purchase approximately equal to U.S.$8.15 per U.S.$1,000 in principal amount
of the November 2023 Notes.

In respect of the March 2024 Notes, the Offeror now announces that it has
determined that the March 2024 Notes Clearing Spread will be 20 basis
points.  The Series Acceptance Amount in relation to the March 2024 Notes
will be U.S.$619,700,000 and the March 2024 Notes Purchase Price will be
U.S.$1,005.74 per U.S.$1,000 in principal amount of the March 2024 Notes.
The Offeror further announces that it has determined that it will accept for
purchase March 2024 Notes tendered pursuant to valid Non-Competitive Tender
Instructions on a pro rata basis, with a Scaling Factor of approximately
83.3637%. The Offeror will not accept for purchase any March 2024 Notes
tendered pursuant to Competitive Tender Instructions. The Offeror will also
pay Accrued Interest in respect of the March 2024 Notes accepted for purchase
approximately equal to U.S.$16.13 per U.S.$1,000 in principal amount of the
March 2024 Notes.

A summary of the final results and pricing of the Notes appears below:

                      Clearing Spread  Benchmark Security Rate  Purchase Yield    Purchase Price                                      Series Acceptance Amount  Accrued Interest                                 Scaling Factor

 Series
 November 2023 Notes  20 basis points  4.762 per cent.          4.962 per cent.   U.S.$1,006.47 (per U.S.$1,000 in principal amount)  U.S.$380,300,000          U.S.$8.15 (per U.S.$1,000 in principal amount)   83.3627%
 March 2024 Notes     20 basis points  4.670 per cent.          4.870 per cent.   U.S.$1,005.74 (per U.S.$1,000 in principal amount)  U.S.$619,700,000          U.S.$16.13 (per U.S.$1,000 in principal amount)  83.3637%

The expected Settlement Date for the Offers is January 13, 2023.

BNP Paribas, Citigroup Global Markets Europe AG, Deutsche Bank
Aktiengesellschaft, Goldman Sachs Bank Europe SE, and J.P. Morgan SE are
acting as Dealer Managers and Kroll Issuer Services Limited is acting as
Information and Tender Agent.

 BNP Paribas                                    Citigroup Global Markets Europe AG

                                              Reuterweg 16,
 16, boulevard des Italiens
Frankfurt am Main, DE-HE 60323,

Germany
 75009 Paris

                                              Telephone: +44 20 7986 8969; Email: liabilitymanagement.europe@citi.com
 France                                         (https://www.globenewswire.com/Tracker?data=aFBFQvcT-FppQsQ__fWeUC07BwZTs6wjUkrx5934ndKZih_Rr6RQbbRHIFUt5QlUCV_EDlgZoqC7HJKquKXDKxI-HZZf4A4koqI7mIkCV3_pH-NLEj3ApaUKvZ35-GlEofgvz9nTuZsONgzKJY4jyA==)

                                              ; Attention: Liability Management Group

 Telephone: +33 1 55 77 78 94

 Attention: Liability Management Group

 Email: liability.management@bnpparibas.com
 (mailto:liability.management@bnpparibas.com)
 Deutsche Bank Aktiengesellschaft               Goldman Sachs Bank Europe SE

 Mainzer Landstr. 11-17                         Marienturm

 60329 Frankfurt am Main                        Taunusanlage 9-10

 Germany                                        D-60329 Frankfurt am Main

 Tel: +44 20 7545 8011                          Germany

Attention: Liability Management Group

                                                Tel.: +44 207 7744836

                                                Email: liabilitymanagement.eu@gs.com

                                                Attention: Liability Management Group

 J.P. Morgan SE

 Taunustor 1 (TaunusTurm)

 60310 Frankfurt am Main

 Germany

 Tel: +44 20 7134 2468

 Email: em_europe_lm@jpmorgan.com

 Attention: Liability Management

 THE INFORMATION AND TENDER AGENT
 Kroll Issuer Services Limited

 The Shard

 32 London Bridge Street

 London SE1 9SG

 United Kingdom

 Telephone: +44 (0)20 7704 0880

 Attention: Illia Vyshenskyi

 Email: hungary@is.kroll.com

 Website: https://deals.is.kroll.com/hungary
 (https://deals.is.kroll.com/hungary)

 

DISCLAIMER This announcement must be read in conjunction with the Tender Offer
Memorandum. This announcement and the Tender Offer Memorandum contain
important information which should be read carefully before any decision is
made with respect to the Offers. If you are in any doubt as to the contents of
this announcement or the Tender Offer Memorandum or the action you should
take, you are recommended to seek your own financial and legal advice,
including as to any tax consequences, immediately from your stockbroker, bank
manager, solicitor, accountant or other independent financial or legal
adviser. Any individual or company whose Notes are held on its behalf by a
broker, dealer, bank, custodian, trust company or other nominee or
intermediary must contact such entity if it wishes to participate in the
Offers. None of the Dealer Managers, the Information and Tender Agent or the
Offeror makes any recommendation as to whether Noteholders should tender Notes
for purchase pursuant to the Offers.

The Tender Offer Memorandum does not constitute an invitation to participate
in the Offers in any jurisdiction in which, or to any person to or from whom,
it is unlawful to make such invitation or for there to be such participation
under applicable securities laws. The distribution of the Tender Offer
Memorandum in certain jurisdictions may be restricted by law. Persons into
whose possession the Tender Offer Memorandum comes are required by each of the
Offeror, the Dealer Managers and the Information and Tender Agent to inform
themselves about and to observe any such restrictions.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  RTEFLFLVLAILLIV