The Commonwealth of The Bahamas accepted $170.647 million of $281.888 million tendered across five U.S. dollar note series, setting the size of a buyback linked to new borrowing, according to Oct. 28 results.
The government accepted all tendered principal in three series: $38.425 million of 6.000% notes due 2028, $98.546 million of 9.000% notes due 2029 and $6.601 million of 7.125% notes due 2038. Those series accounted for $143.572 million of the accepted total.
Investors tendered $85.069 million of the 6.625% notes due 2033. The government accepted $27.075 million at a 31.85550% proration factor. It accepted none of the $53.247 million tendered in 6.950% notes due 2029.
The results table lists remaining principal of $119.756 million in the 2028 notes, $74.589 million in the 9.000% 2029 notes, $226.116 million in the 6.950% 2029 notes, $148.564 million in the 2033 notes and $73.290 million in the 2038 notes. The government expects to redeem the remaining 2028 and 9.000% 2029 notes after settlement.
Holders of accepted notes are entitled to their series’ purchase price plus accrued and unpaid interest up to, but excluding, the settlement date, if the offer conditions are met. Prices range from $970 to $1,081.55 per $1,000 of principal.
The government launched the Oct. 19 five-series buyback offer with $812.962 million in combined eligible principal outstanding. The offer had no minimum participation threshold.
Under the Ministry of Finance's terms, the buyback depends on a new global-note sale closing before or alongside it. The sale must raise enough principal to fund the purchases, and the government must accept its terms.
The offer expired at 5 p.m. ET on Oct. 27. The government set Oct. 29 as its expected settlement date and said the timing could change.
