NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT OR THE MEMORANDUM (AS DEFINED BELOW).
Government of the Republic of Zambia Launches Consent Solicitation for the Eurobonds.
The Republic of Zambia, represented by the Ministry of Finance and National Planning of Zambia (the “Issuer” or “Zambia”) is pleased to announce the launch of a consent solicitation (the “Consent Solicitation”) in respect of its:
- S.$750,000,000 5.375 per cent. Notes due 2022 (Regulation S ISIN: XS0828779594, Common Code: 082877959; Rule 144A ISIN: US988895AA69, CUSIP: 988895AA6) (the “2022 Notes”);
- S.$1,000,000,000 8.500 per cent. Notes due 2024 (Regulation S ISIN: XS1056386714, Common Code: 105638671; Rule 144A ISIN: US988895AE81, CUSIP: 988895AE8) (the “2024 Notes”); and
- S.$1,250,000,000 8.970 per cent. Notes due 2027 (Regulation S ISIN: XS1267081575, Common Code: 126708157; Rule 144A ISIN: US988895AF56, Common Code: 126844646, CUSIP: 988895AF5) (the “2027 Notes”),
in each case issued by the Issuer (each, a “Series” and, together, the “Existing Notes”). The press release relating to the consent solicitation is available here: https://www.londonstockexchange.com/news-article/92MB/launch-of-a-consent-solicitation/16467641 Additional information on Zambia’s external debt position is available here: https://www.mofnp.gov.zm/?wpdmpro=technical-appendix-on-external-debt
The consent solicitation is the next step in Zambia’s debt restructuring with the Eurobond holders following the Agreement in Principle (AIP) reached by the Government of the Republic of Zambia (the “Government”) and the Steering Committee (the “Steering Committee”) of the Ad Hoc Creditor Committee (the “Committee”), on the key commercial terms of a proposed restructuring transaction (the “Restructuring”) relating to the Government’s bonds due 2022, 2024 and 2027 (the “Bonds”, and the holders thereof, the “Bondholders”) in March of 2024.
Holders of the Existing Notes are advised to check with any bank, securities broker or other intermediary through which they hold Existing Notes when such intermediary would need to receive instructions from a Noteholder in order for that Noteholder to be able to participate in the Consent Solicitation before the deadlines. The deadlines set by any such intermediary and the Clearing System for the submission of Voting Instructions and Settlement Instructions be earlier than the relevant deadlines set out in the press release relating to the consent solicitation attached. See “The Consent Solicitation—Voting and Quorum”.
This announcement is released by The Republic of Zambia, represented by the Ministry of Finance and National Planning of Zambia, and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of Regulation (EU) 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, encompassing information relating to the Consent Solicitation and the Proposal described above.
Any questions regarding the terms of the Consent Solicitation may be directed to the Information and Tabulation Agent at the address and telephone number specified below:
| Morrow Sodali Limited | ||
| In London: 103 Wigmore StreetLondon W1U 1QSUnited Kingdom |
In Stamford:
333 Ludlow Street, 5th Floor South Tower, CT 06902 United States of America |
In Hong Kong: 29/F, No. 28 Stanley Street,Central, Hong Kong |
| Telephone: +44 20 4513 6933 | Telephone: +1 203 658 9457 | Telephone: +852 2319 4130 |
| Email: zambia@investor.morrowsodali.com | ||
| Consent Website: https://projects.morrowsodali.com/zambia | ||
White & Case LLP and Lazard Frères are respectively acting as the Republic’s legal and financial advisors.
Issued By:
Felix Nkulukusa
SECRETARY TO THE TREASURY