Cleary Gottlieb represented the government of Mongolia in a Rule 144A/Reg S offering of $450 million 8.65% bonds due 2028 and the exchange and tender offer for its outstanding 5.625% bonds due 2023 and 8.75% bonds due 2024.
The new money offering and the exchange offer resulted in a total issuance of $650 million of new debt securities.
Credit Suisse, J.P. Morgan, MUFG, and HSBC were joint lead managers and dealer managers for the transactions. The new money offering closed on January 19, 2023, and the exchange and tender offer settled on January 23, 2023. The new bonds will be listed on the Singapore Stock Exchange.
The issuance allowed Mongolia to refinance debt maturing in 2023 and 2024, and also extended the maturity profile of a portion of its indebtedness. The combined exchange and tender offer structure permitted a wider range of bondholders to participate in the transaction.