Invitation to Exchange

Participating holders of the 2023 bonds will receive a 2% cash fee, the Finance Ministry has said. This is to compensate for the maturity extension. It said the investors will only get new bonds maturing between 2027 and 2033. “Given that holders of Eligible 2023 Bonds are being asked to extend the maturities of what are now effectively short-term instruments, investors will receive a cash tender fee of 2% of the outstanding amount of such 2023 Bonds tendered and accepted, to compensate for the maturity extension”, it explained In the Amendments to the Invitation to Exchange. It emphasised that the…