Results of Tender Offer

Serbia (Republic of)

07 May 2026

 

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE UNLAWFUL (SEE "INVITATION AND DISTRIBUTION RESTRICTIONS" IN THE TENDER OFFER MEMORANDUM DATED 28 APRIL 2026 PREPARED BY THE REPUBLIC OF SERBIA)

LEI NUMBER: 254900W94OCY91V32O78

7 May 2026

THE REPUBLIC OF SERBIA ANNOUNCES THE RESULTS OF THE TENDER OFFER
FOR ITS €2,000,000,000 3.125 PER CENT. NOTES DUE 2027

The Republic of Serbia (the "Republic") (represented by the Government of the Republic of Serbia, acting by and through the Ministry of Finance) today announces the results of its invitation to eligible holders of its outstanding €2,000,000,000 3.125 per cent. Notes due 2027 (Reg S ISIN: XS2170186923; Rule 144A ISIN: XS2170187145) (the "Notes") to tender Notes for purchase by the Republic for cash up to an aggregate nominal amount of Notes of €1,000,000,000, subject to the satisfaction or waiver of the New Financing Condition (as defined in the Tender Offer Memorandum (as defined below)) and the other conditions described in the Tender Offer Memorandum (the "Invitation").

The Invitation was announced on 28 April 2026 and was made on the terms and subject to the conditions set out in the tender offer memorandum dated 28 April 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 Invitation expired at 4.00 p.m. (London time) on 6 May 2026 (the "Expiration Deadline"). As at the Expiration Deadline, the Republic had received valid tenders of €870,762,000 in aggregate nominal amount of Notes for purchase pursuant to the Invitation.

On 6 May 2026, the Republic completed the issuance of the New Notes and the New Financing Condition has therefore been satisfied. Accordingly, the Republic announces that it will accept all €870,762,000 in aggregate nominal amount of Notes validly tendered for purchase pursuant to the Invitation without proration.

The Purchase Price for the Notes accepted for purchase pursuant to the Invitation is €1,000 per €1,000 in nominal amount of the Notes. In addition to the Purchase Price, the Republic will also pay the Accrued Interest Payment in respect of such Notes accepted for purchase pursuant to the Invitation.

The Settlement Date in respect of the Notes accepted for purchase is expected to be 8 May 2026. Tenders of Notes which are accepted for purchase will settle through the normal procedures of the Clearing Systems. All Notes accepted for purchase will be cancelled and will not be re-issued or re-sold. Any Notes that were not tendered or are not accepted for purchase pursuant to the Invitation, being €1,129,238,000 in aggregate nominal amount of the Notes, will remain outstanding.

BNP Paribas, Deutsche Bank AG Aktiengesellschaft, Merrill Lynch International, Morgan Stanley & Co. International plc and UniCredit Bank GmbH are acting as Dealer Managers and Kroll Issuer Services Limited is acting as Tender and Information Agent in respect of the Invitation.

Dealer Managers

BNP PARIBAS 16, boulevard des Italiens 75009 Paris France Attention: Liability Management Group Telephone: [phone] Email: [e-mail]	Deutsche Bank AG Aktiengesellschaft Mainzer Landstr. 11-17 60329 Frankfurt am Main Germany Attention: Liability Management Telephone: [phone]
Merrill Lynch International 2 King Edward Street London EC1A 1HQ United Kingdom Attention:  Liability Management Group London: [phone] Email:  [e-mail]	Morgan Stanley & Co. International plc 25 Cabot Square Canary Wharf London E14 4QA United Kingdom Attention: Liability Management Team, Global Capital Markets Telephone: [phone] Email: [e-mail]
UniCredit Bank GmbH Arabellastraße 12 81925 Munich Germany Attention: Liability Management Telephone: [phone] Email: [e-mail]

Tender and Information Agent

Kroll Issuer Services Limited

The News Building

3 London Bridge Street

London SE1 9SG

United Kingdom

Telephone:  [phone]

Attention: Arlind Bytyqi

Email: [e-mail]

Invitation Website: https://deals.is.kroll.com/serbia

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. If you are in any doubt as to the contents of this announcement or the Tender Offer Memorandum, 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. This announcement is for informational purposes only. Neither this announcement nor the Tender Offer Memorandum constitutes an offer to buy or the solicitation of an offer to sell Notes in any circumstances in which such offer or solicitation is unlawful.

 

END