Armenia in $500 Million Offering and Tender Offer

September 26, 2019

Cleary Gottlieb represented the Republic of Armenia (Armenia) in its offering of $500 million aggregate principal amount of 3.95% notes due 2029, which closed on September 26, 2019.

Armenia made a concurrent cash tender offer for its outstanding 6% notes due 2020, whereby Armenia purchased approximately 80% of the outstanding notes for approximately $416 million.

J.P. Morgan Securities plc and Citigroup Global Markets Limited acted as joint lead managers and bookrunners for the offering, as well as joint dealer managers for the tender offer.

The offering marked the third time Armenia has tapped the international capital markets, following its 2013 debut issuance of $700 million and its 2015 issuance of $500 million, which was also combined with a tender offer. Cleary has represented Armenia in all its offerings.