LM: Bahamas Announces Amounts Tendered as of Expiration of Cash Tender Offer for Six Series of its Notes
The Commonwealth of the Bahamas (the “Government”) announced today the aggregate principal amount of each series of the notes listed in the table below (collectively, the “Notes”) that has been validly tendered for purchase as of the Expiration Time pursuant to its previously announced offer to purchase for cash (the “Offer”) the Notes from each registered holder or beneficial owner (each, a “Holder” and, collectively, the “Holders”), subject to the terms and conditions set forth in the offer to purchase dated June 9, 2025 (the “Offer to Purchase”). The Offer expired as scheduled at 5:00 p.m. (New York City time) on June 16, 2025. Capitalized terms not defined in this announcement have the meanings specified in the Offer to Purchase.
The Offer is conditioned, among other things, on the concurrent (or earlier) closing of one or more series of new global notes(the “New Notes”), in an aggregate principal amount sufficient to fund the Offer, with pricing and on terms and conditions acceptable to the Government in its sole discretion (the “New Notes Offering”). The Government also announced that, subject to the satisfaction of this New Notes Offering condition, it intends to accept all bonds tendered for the 6.00% Notes due 2028, the 9.000% Notes due 2029, the 6.950% Notes due 2029, the 8.950% Notes due 2032, the 6.625% Notes due 2033, and the 7.125% Notes due 2038. The New Notes Offering is being made solely by means of the offering memorandum relating to the offering of the New Notes, and neither this announcement nor the Offer to Purchase constitutes an offer to sell or the solicitation of an offer to buy the New Notes.
The settlement of the Offer is expected to occur on June 24, 2025, subject to change without notice (the “Settlement Date”). Holders of validly tendered and accepted Notes will be entitled to receive for such Notes the applicable Purchase Price and Accrued Interest, if any, if the conditions of the Offer are met.
At or about 5:00 p.m. (New York City time) today, subject to change without notice, the Government expects to announce: (i) its decision of whether to accept (subject to satisfaction or waiver of the conditions to the Offer, including the closing of the New Notes Offering, on or prior to the Settlement Date) valid Tenders of Notes pursuant to the Offer and, if so accepted; (ii) the Maximum Purchase Price for each series; (iii) the Tendered Aggregate Purchase Price for each series; (iv) the aggregate principal amount of Tenders of each series of the Notesthat have been accepted; and (v) for any series that the Government accepts only a portion of the tendered Notes, the proration factor for such series. Such announcement may be conditioned on the consummation of the New Notes Offering. The Government reserves the right, in its sole discretion, not to accept any offers to tender Notes for any reason.