Barbados announces private offering of Amortizing Notes due 2025 and Tender Offer for up to $250 million

(PRNewswire) – Bridgetown, Barbados – The Government of Barbados (Barbados) is offering to sell amortizing notes due 2025 (the “New Notes”) through a private placement (the “Notes Offering”).

The proceeds from the offering will be used to finance the tender offer described below (the “Tender Offer”), provide budgetary support to finance fiscal operations, build foreign exchange reserves and improve the Barbados’ external debt maturity.

The New Notes being offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. As a result, they may not be offered or sold in the United States or to any U.S. persons, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

Accordingly, the New Notes are being offered only to “qualified institutional buyers” under Rule 144A of the Securities Act or, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act.

A confidential offering circular (the “Offering Circular”) for the New Notes, dated today, will be made available to such eligible persons. The offering is being conducted in accordance with the terms and subject to the conditions set forth in the offering circular.

Barbados has also commenced a Tender Offer to purchase for cash its 7.25 percent notes due 2021 and 7 percent notes due 2022 (the ” Outstanding Notes”) in an aggregate principal amount not to exceed US$250 million.

The Tender Offer is not conditioned upon any minimum participation of any series of Outstanding Notes. The Tender Offer is being made pursuant to an Offer to Purchase dated as of September 23, 2013 (the “Offer to Purchase”). The Tender Offer will expire at 11:59 pm (EDT) on September 30, 2013 (the “Expiration Date”), unless extended or earlier terminated by the Government of Barbados.