Republic of Armenia in Cash Tender Offer

Cleary Gottlieb represented the Republic of Armenia (Armenia) in a cash tender offer for up to $250 million of its outstanding $500 million 7.15% notes due 2025.

The tender offer was carried out to take advantage of Armenia’s robust liquidity position, provide liquidity to noteholders, and proactively reduce Armenia’s outstanding indebtedness and interest expense.

The tender offer was launched on September 18, 2023, expired on September 27, 2023, and settled on October 2, 2023. Armenia accepted $186.83 million in principal amount of the notes for purchase, at a purchase price of $1,020 for each $1,000 in principal amount of the notes. Following completion of the tender offer, $313.17 million in principal amount of the notes remained outstanding.

J.P. Morgan Securities plc acted as the dealer manager for the tender offer, and Kroll Issuer Services Limited acted as the tender agent.

Cleary also represented Armenia in the original offering of the notes in 2015, as well as in its debut international debt offering in 2013 and in its subsequent international debt offerings and tender offers.