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The Republic Of The Philippines Announces Results Of Its Invitation For OffersMANILA, Philippines, Nov. 16, 2012 /PRNewswire via COMTEX/ -- The Republic of the Philippines (the "Republic") is announcing the results of its invitation (the "Invitation") to holders of certain series of its outstanding bonds (the "Bonds") to submit offers (the "Offers") to sell the Bonds to the Republic for cash in a fixed-spread tender offer. The Invitation was conducted pursuant to the terms and conditions described in the Invitation for Offers dated November 8, 2012 (the "Invitation for Offers"). The Invitation expired at 5:00 p.m., New York City time, on November 15, 2012. The table below specifies, for each series of Bonds accepted for purchase, the principal amount accepted for purchase, the Reference Yield, the Purchase Price and, where applicable, the proration factor: Series of Bonds ISIN Acceptance Priority Level Principal Amount Accepted for Purchase Reference Yield Purchase Price Proration Factor 8.250% Bonds due 1/15/2014 US718286AU14 1 $266,175,000 0.348% $1,092.31 100% 8.875% Bonds due 3/17/2015 US718286AW79 1 $170,654,000 0.403% $1,191.40 100% 8.000% Bonds due 1/15/2016 US718286BA41 1 $248,723,000 0.471% $1,225.10 100% 6.250% Bonds due 3/15/2016 XS0240387349 1 EUR 116,231,000 0.544% EUR 1,151.05 100% 8.750% Bonds due 10/7/2016 US718286AC16 / USY6972CAJ63 2 $0 * * * 9.375% Bonds due 1/18/2017 US718286AQ02 2 $0 * * * 9.875% Bonds due 1/15/2019 US718286AK32 2 $0 * * * 8.375% Bonds due 6/17/2019 US718286BE62 2 $0 * * * 6.500% Bonds due 1/20/2020 US718286BF38 2 $190,080,000 1.172% $1,316.06 50.0% 7.500% Bonds due 9/25/2024 US718286BC07 2 $143,603,000 1.707% $1,481.66 100% 9.500% Bonds due 10/21/2024 US718286AL15 3 $0 * * * 10.625% Bonds due 3/16/2025 US718286AP29 3 $0 * * * 9.500% Bonds due 2/2/2030 US718286AY36 3 $0 * * * 7.750% Bonds due 1/14/2031 US718286BB24 3 $0 * * * 6.375% Bonds due 1/15/2032 US718286BD89 3 $0 * * * ________________ * Not applicable After review of all Offers submitted pursuant to the Invitation, the Republic has determined that the Maximum Cash Consideration of $1.5 billion is not adequate to purchase all of the Bonds offered in Acceptance Priority Levels 2 or 3. Accordingly, the Republic (i) has determined that, of the series of Bonds with either of those Acceptance Priority Levels, it will accept for purchase only the amounts shown in the "Principal Amount Accepted for Purchase" column in the table above and (ii) in calculating those amounts, has applied the proration factors indicated in the "Proration Factor" column in the table above. Bonds not accepted for purchase by the Republic will be returned to the originating clearing system accounts as soon as practicable, in accordance with the normal procedures of the relevant clearing systems. The date on which the Republic pays for the Bonds purchased pursuant to the Invitation is expected to be November 27, 2012, or as soon as practicable thereafter. The settlement of the purchase of Bonds in the Invitation is conditioned upon (1) the continued availability of certain investible funds from the Bureau of the Treasury of the Republic and (2) the receipt by the Republic of the proceeds of its recent offering of PHP30,800,000,000 of 3.90% PHP Global Bonds due 2022, which is scheduled to occur on November 26, 2012. In addition, notwithstanding any other provisions of the Invitation, the Invitation is conditioned on the absence of legal actions or proceedings affecting the legality or the timing of or imposing restrictions on the consummation of the Invitation and certain other conditions described in the Invitation for Offers. This announcement is not an offer or a solicitation of offers. The Invitation was made solely by means of the Invitation for Offers. The Invitation does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction where an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. The Tender and Information Agent for the Invitation is: Bondholder Communications Group, LLC Attention: Ruth Perez E-mail: [email protected] Website: www.bondcom.com/rop In New York: In London: 30 Broad Street, 46th Floor 28 Throgmorton Street, 1st Floor New York, New York 10004 London EC2N 2AN United States of America United Kingdom Telephone: +1 646 470 2802 Telephone: +44 20 7382 4580 Fax: +44 20 7067 9239 The Dealer Managers for the Invitation are: Citigroup Global Markets Inc. Credit Suisse Securities (USA) LLC Deutsche Bank Securities Inc. Attention: Liability Management Group Eleven Madison Avenue Attention: Debt Capital Markets 390 Greenwich Street, 1st Floor New York, New York 10010 Syndicate Desk New York, New York 10013 United States of America 60 Wall Street United States of America Call Collect (212) 538-2147 New York, New York 10005 Toll-free: +1 800 558 3745 or United States of America Collect: +1 212 723 6108 Call Toll Free (800) 820-1653 Telephone: Attn: Liability Management Group NY: +1 212 250 7527 London: +44 207 545 8011 Singapore: +65 6423 5342 Goldman Sachs (Asia) L.L.C. The Hongkong and Shanghai Banking Corporation Limited J.P. Morgan Securities LLC Attention: Credit Capital Markets Level 17, HSBC Main Building Attention: Debt Syndicate Desk 68/F, Cheung Kong Center 1 Queen's Road Central 383 Madison Avenue, 3rd Floor 2 Queen's Road Central Hong Kong New York, New York 10179 Hong Kong Telephone: +852 2822 4100 (Hong Kong) United States of America Tel: +852 2978 6659 Telephone: +44 20 7991 5874 (London) Telephone: +1 212 834 4533 Fax: +852 2978 0440 Telephone: +1 212 525 0866 (U.S.) c/o: c/o: Fax: +852 3409 1482 Asia Debt Syndicate Desk Liability Management Group E-mail: [email protected] 26/F, Chater House 200 West Street 8 Connaught Road, Central New York, New York 10282 Hong Kong United States of America Telephone: +852 2800 8007 Toll-free: +1 800 828 3182 Fax: +852 2167 8637 Collect: +1 212 902 5183 Morgan Stanley & Co. LLC Standard Chartered Bank UBS AG, Hong Kong Branch 1585 Broadway | Floor 04 Attention: Capital Markets Attention: Liability Management Group New York, New York 10036 Marina Bay Financial Centre, Tower 1 52/F, Two International Finance Center United States of America 8 Marina Boulevard, Level 20 8 Finance Street Attn: Liability Management Group Singapore 018981 Hong Kong U.S. Toll Free: +1 800 624 1808 Telephone: +65 6324 1740 (Singapore) Telephone: +852 2971 7238 (Hong Kong) Collect: +1 212 761 1057 Telephone: +44 207 885 5739 (London) Telephone: +1 203 719 4210 (U.S.) Fax: +65 6535 1931 Telephone: +44 20 7567 0525 (London) E-mail: [email protected] E-mail: [email protected] Contact: Rita Upton, Bondholder Communications Group, 212-809-2663 SOURCE The Republic of the Philippines |