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BUCHAREST - Romania, acting through the Ministry of Finance, announced Wednesday plans to issue new U.S. dollar-denominated bonds with 5-year and 10-year maturities, as well as tap its existing 6.75% euro-denominated notes due July 2039.
J.P. Morgan S.E. will serve as stabilization coordinator for the offerings, with Citi, Erste Group, Societe Generale (OTC:SCGLY), and Raiffeisen Bank International acting as stabilization managers, according to a press release statement.
The dollar-denominated securities will be offered in minimum denominations of $2,000, while the euro notes will have minimum denominations of €1,000. All securities will be listed on the Luxembourg Stock Exchange.
The stabilization period is expected to begin July 9 and end no later than August 9, 2025. During this time, stabilization managers may over-allot securities up to 5% of the aggregate nominal amount to support market prices, though stabilization is not guaranteed to occur.
The euro-denominated notes represent an expansion of Romania’s existing 6.75% bonds due July 2039, which currently have €500 million outstanding.
The securities will be offered outside the United States in accordance with Regulation S and to qualified institutional buyers within the U.S. under Rule 144A of the Securities Act. The bonds have not been registered under the U.S. Securities Act and cannot be offered to the general public in the United States.
Final pricing details for the offerings have not yet been announced.
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