Republic of Turkey Announces Preliminary Results of Tender Offer

This tender offer is part of Turkey’s broader financial strategy, which includes the issuance of new notes to replace older debts. The settlement for the accepted tenders is scheduled for October 1, 2024. The country has engaged J.P. Morgan Securities plc as the billing and delivering bank for this transaction, emphasizing that all tender orders must comply with the conditions outlined in the Tender Offer Memorandum. The announcement also highlights the potential consequences for holders who fail to deliver their Old Notes on time, including the possibility of cancellation of their tender orders.

Key Details of the Tender Offer

• Aggregate Principal Amount: The total amount for Preferred Tenders accepted remains at $1,855,936,000, consistent with earlier announcements.
• Non-Preferred Tenders: None of the Non-Preferred Tenders were accepted, indicating a strategic focus on securing Preferred Tenders.
• Settlement Date: The settlement of the Tender Offer is set for October 1, 2024, subject to changes without notice.

Implications for Holders

Holders who tender their Old Notes must ensure timely delivery, as failure to do so may result in penalties or the cancellation of their tender. This emphasizes the importance of adhering to the outlined procedures and deadlines to avoid potential financial liabilities. The Turkish government retains the discretion to accept or reject any tender orders, underscoring the conditional nature of this financial maneuver.

Conclusion

The tender offer reflects Turkey’s ongoing efforts to manage its debt effectively while providing an opportunity for investors to engage in the new notes offering. As the country navigates its financial landscape, the outcomes of such offers will be crucial in shaping its economic stability and investor confidence. For further details, the full Tender Offer Memorandum is accessible on the designated information agent’s website.