Kingdom of Saudi Arabia (The) Final Results Announcement of Tender Offer (0757E)

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RNS Number : 0757E

Kingdom of Saudi Arabia (The)

25 October 2022

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE THE DISTRIBUTION OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" IN THE TENDER OFFER MEMORANDUM).

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7 OF (I) THE MARKET ABUSE REGULATION (EU) 596/2014 AND (II) THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

THE KINGDOM OF SAUDI ARABIA (ACTING THROUGH THE MINISTRY OF FINANCE) ANNOUNCES FINAL RESULTS IN RELATION TO THE TENDER OFFERS FOR ITS (I) U.S.$3,000,000,000 2.875 PER CENT. NOTES DUE 2023, (II) U.S.$4,500,000,000 4.000 PER CENT. NOTES DUE 2025, (III) U.S.$2,500,000,000 2.900 PER CENT. NOTES DUE 2025 AND (IV) U.S.$5,500,000,000 3.250 PER CENT. NOTES DUE 2026

25 October 2022

Further to the announcements dated 18, 19 and 25 October 2022, the Kingdom of Saudi Arabia (acting through the Ministry of Finance) (the Issuer) announces today the final results in relation to its invitation to holders of its (i) U.S.$3,000,000,000 2.875 per cent. Notes due 2023 (the 2023 Notes), (ii) U.S.$4,500,000,000 4.000 per cent. Notes due 2025 (the April 2025 Notes), (iii) U.S.$2,500,000,000 2.900 per cent. Notes due 2025 (the October 2025 Notes) and (iv) U.S.$5,500,000,000 3.250 per cent. Notes due 2026 (the 2026 Notes) (each a Series and together the Notes) to tender their Notes for purchase by the Issuer for cash (each such invitation an Offer and together the Offers).

Capitalised terms used in this announcement but not defined have the meanings given to them in the tender offer memorandum dated 18 October 2022 (the "Tender Offer Memorandum").

Final Results

Subject to satisfaction or waiver of the New Financing Condition on or prior to the Settlement Date, a summary of the pricing in respect of the Notes of each Series accepted for purchase and final results for the Offers is set out below:

 
                       Benchmark Security                                     Series Acceptance     Final Acceptance 
   Series of Notes            Rate          Purchase Yield   Purchase Price         Amount               Amount 
     2023 Notes              4.198%             4.198%          99.538%        U.S.$632,543,000 
                      -------------------  ---------------  ---------------  -------------------  -------------------- 
  April 2025 Notes           4.405%             4.955%          97.802%        U.S.$249,387,000 
                      -------------------  ---------------  ---------------  ------------------- 
 October 2025 Notes          4.405%             4.955%          94.360%        U.S.$98,892,000 
                      -------------------  ---------------  ---------------  ------------------- 
     2026 Notes              4.217%             4.917%          94.017%        U.S.$287,675,000    U.S.$1,268,497,000 
                      -------------------  ---------------  ---------------  -------------------  -------------------- 
 

The Issuer will (subject to satisfaction or waiver of the New Financing Condition on or prior to the Settlement Date) accept all valid tenders of Notes pursuant to the Offers for purchase without scaling.

The Issuer will also pay an Accrued Interest Payment in respect of the Notes accepted for purchase pursuant to the Offers.

The expected Settlement Date for the Offers (subject to satisfaction or waiver of the New Financing Condition) is 27 October 2022.

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

Questions and requests for assistance in connection with the Offers may be directed to the Dealer Managers or the Tender and Information Agent.

 
                                 The Dealer Managers 
                 BNP Paribas                        Goldman Sachs International 
          16, boulevard des Italiens                       Plumtree Court 
                 75009 Paris                                25 Shoe Lane 
                    France                                London EC4A 4AU 
         Telephone: [phone]                      United Kingdom 
       Attention: Liability Management 
                    Group                            Telephone: [phone] 
  Email: [e-mail]                    6157 
                                                  Attention: Liability Management 
                                                               Group 
                                                Email: [e-mail] 
                                    HSBC Bank plc 
                                   8 Canada Square 
                                    London E14 5HQ 
                                    United Kingdom 
                            Telephone: [phone] 
                         Attention: Liability Management, DCM 
                        Email: [e-mail] 
                                In the United States : 
                             Toll-free: +1 (888) HSBC-4LM 
                              Collect: [phone] 
                          The Tender and Information Agent 
                            Kroll Issuer Services Limited 
                                      The Shard 
                               32 London Bridge Street 
                                        London 
                                       SE1 9SG 
                                    United Kingdom 
 
                           Telephone: [phone] 
                               Attention: Arlind Bytyqi 
                               Email: [e-mail] 
                 Tender Offer Website: https://deals.is.kroll.com/ksa 
 

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. The distribution of this Announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this Announcement and the Tender Offer Memorandum comes are required by each of the Issuer, the Dealer Managers and the Tender and Information Agent to inform themselves about, and to observe, any such restrictions.

This announcement is released by the Kingdom of Saudi Arabia (acting through the Ministry of Finance) and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of (i) the Market Abuse Regulation (EU) 596/2014 (EU MAR) and (ii) the Market Abuse Regulation (EU) 596/2014 (UK MAR) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, encompassing information relating to the Offers described above. For the purposes of EU MAR and UK MAR and Article 2 of (i) Commission Implementing Regulation (EU) 2016/1055 and (i) Commission Implementing Regulation (EU) 2016/1055 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, this announcement is made by Hani Almedaini, Chief Executive Officer at National Debt Management Centre.

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States or any other jurisdiction. The securities referred to in this announcement may not be offered, sold or delivered in the United States absent registration under, or an exemption from the registration requirements of, the United States Securities Act of 1933, as amended (the Securities Act). The securities referred to in this announcement have not been, and will not be, registered under the Securities Act, or the securities laws of any state or other jurisdiction of the United States, and such securities may not be offered, sold or delivered, directly or indirectly, within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

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October 25, 2022 11:09 ET (15:09 GMT)