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Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


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State of Montenegro (61KR)

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Thursday 12 April, 2018

State of Montenegro

Tender Offer - Indicative Results

RNS Number : 7131K
State of Montenegro
12 April 2018

ANNOUNCES INDICATIVE RESULTS OF ITS INVITATIONS FOR OFFERS TO SELL €280,000,000 5.375 per cent. Notes due 2019, €500,000,000 3.875 per cent. Notes due 2020 and €300,000,000 5.750 per cent. Notes due 2021 FOR CASH

12 April 2018

Further to its announcement on 5 April 2018, the State of Montenegro represented by the Government of Montenegro, acting by and through its Ministry of Finance (the "Issuer") announces today the aggregate principal amounts of Notes tendered pursuant to its invitations to holders of the €280,000,000 5.375 per cent. Notes due 2019 (ISIN: XS1069342407 / XS1069342746) (of which €280,000,000 principal amount is currently outstanding, the "2019 Notes"), the €500,000,000 3.875 per cent. Notes due 2020 (ISIN: XS1205717702 / XS1205720169) (of which €500,000,000 principal amount is currently outstanding, the "2020 Notes") and the €300,000,000 5.750 per cent. Notes due 2021 (ISIN: XS1377508996 / XS1377511511) (of which €300,000,000 principal amount is currently outstanding, the "2021 Notes" and together with the 2019 Notes and the 2020 Notes, the "Notes") to submit offers ("Offers" and each series of Notes, a "Series") to sell their Notes to the Issuer for cash.

The invitations (the "Invitations") by the Issuer to holders of Notes were made on the terms and subject to the conditions contained in the tender offer memorandum dated 5 April 2018 (the "Tender Offer Memorandum") and constituted a separate Invitation with respect to each Series and the term "Invitation" shall, where the context so admits, be construed accordingly.

As at the Expiration Time of 4.00 p.m. (London Time) on 11 April 2018:

Description of Notes

Aggregate principal amount of Notes validly tendered pursuant to the Invitations

€280,000,000 5.375 per cent. Notes due 2019 (ISIN: XS1069342407 / XS1069342746)


€500,000,000 3.875 per cent. Notes due 2020 (ISIN: XS1205717702 / XS1205720169)


€300,000,000 5.750 per cent. Notes due 2021 (ISIN: XS1377508996 / XS1377511511)





The Invitations have now expired and no further Notes can be tendered for purchase.

Final Results Announcement

On or about 12 April 2018, the Issuer will announce whether it will accept, subject to satisfaction or waiver of the New Issue Condition on or prior to the Settlement Date, valid tenders of Notes pursuant to any of the Invitations and, if so accepted, the Final Acceptance Amount for each Series, each Series Acceptance Amount (including for each Series, the amount of Notes accepted which benefitted from Notes Priority and the amount of Notes accepted which did not benefit from Notes Priority) and any Scaling Factor(s) (if applicable).

Capitalised terms used in this announcement have the meanings ascribed to them in the Tender Offer Memorandum.

For further information:

A complete description of the terms and conditions of the Invitations is set out in the Tender Offer Memorandum. Further details about the transaction can be obtained from:

The Joint Dealer Managers:

Deutsche Bank AG, London Branch
Telephone: +44 (0) 20 7545 8011
Attention: Liability Management Group

Erste Group Bank AG
Telephone: +43 50100 87492
Attention: Fixed Income Syndicate Desk
Fax: +43 (0) 5 0100 987492
Email: [email protected]

Société Générale
In London:
Telephone: +44 20 7676 7680
Attention: Liability Management
Email: [email protected]

In the United States:
Toll-free: +1 (855) 881 2108
Collect: +1 (212) 278 6964

The Tender Agent:

Citibank, N.A., London Branch
Tel: +44 (0) 20 7508 3867
Email: [email protected]

The Joint Dealer Managers do not take responsibility for the contents of this announcement and none of the Issuer, the Joint Dealer Managers, the Tender Agent, or any of their respective directors, employees or affiliates makes any representation or recommendation whatsoever regarding the Invitations, or any recommendation as to whether Holders should tender Notes in the Invitations. This announcement must be read in conjunction with the Tender Offer Memorandum. No invitation to acquire any Notes is being made pursuant to this notice. Any such invitations are only being made in the Tender Offer Memorandum and any such acquisition or acceptance of the Invitations should be made solely on the basis of information contained in 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 Invitations. If any Holder is in any doubt as to the action it should take, it is recommended to seek its own advice, including as to any tax consequences, from its stockbroker, bank manager, solicitor, accountant or other independent adviser.

This announcement is released by State of Montenegro and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the Invitations described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Dragan Darmanovic (General Director for State Treasury) at Ministry of Finance of Montenegro.


This Announcement, the Tender Offer Memorandum and any related documents do not constitute an offer to buy Notes or a solicitation of an offer to sell the Notes, and tenders of Notes in the Offers will not be accepted from holders of Notes, in any jurisdiction in which such offer or solicitation is unlawful. The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement or the Tender Offer Memorandum comes are required by the Issuer, the Joint Dealer Managers and the Tender Agent to inform themselves about, and to observe, any such restrictions.

Legal Entity Identifier: 747800V014106FYLL014




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