Republic of Chile - Announcement of Tender Offer Results

SANTIAGO, Chile, May 31, 2024 /PRNewswire/ -- The Republic of Chile ("Chile") announced today the results of an offer to purchase for cash (the "Tender Offer") debt securities of the series listed in the table below (the "Old Bonds" and each Old Bonds, a "series" of Old Bonds), which was announced on Wednesday, May 22, 2024, subject to the terms and conditions set forth in the offer to purchase of the same date (the "Offer to Purchase"). On Friday, May 24, 2024, Chile announced the purchase price per Ps. 1,000,000 principal amount of each series of Old Bonds (the "Purchase Price") that Chile will pay pursuant to the Tender Offer for any tendered Old Bonds accepted by Chile. The Tender Offer expired as scheduled at 10:00 a.m., New York Time, on Thursday, May 30, 2024. Capitalized terms used but not defined in this announcement have the meanings specified in the Offer to Purchase.

Chile plans to apply a portion of the net proceeds of its global offering of certain series of debt securities that priced today (the "New Bonds Offering") to purchase the Old Bonds at the applicable Purchase Price plus accrued interest. The settlement of the Tender Offer is conditioned upon the closing of the New Bonds Offering.  The Tender Offer was also made concurrently with an offer to exchange Old Bonds for New Bonds and an offer to purchase Old Bonds for cash to the public in Chile (together, the "Local Offers").

The Maximum Purchase Amount is Ps. 176,965,178,830 and the Tendered Aggregate Purchase Price is Ps. 259,858,849,835.  Since the Tendered Aggregate Purchase Price exceeds the Maximum Purchase Amount, Chile, in its sole discretion, selected the series of Old Bonds identified in the table below to be prorated on the basis of the proration factors listed in the table below, so that the Tendered Aggregate Purchase Price accepted by Chile does not exceed the Maximum Purchase Amount. The aggregate principal amount of Old Bonds tendered and accepted pursuant to the Tender Offer and the applicable Purchase Price both excluding and including Accrued Interest are shown in the table below.   Tender orders that are not for permitted tender amounts have not been accepted.

Payment of the Purchase Price and Accrued Interest for Old Bonds accepted for purchase pursuant to the Tender Offer will be made in U.S. dollars on Monday, June 3, 2024 (the "Tender Offer Settlement Date"), calculated at Ps. 913.73 per US$1.00 (the "Applicable Exchange Rate").  The Applicable Exchange Rate was determined by using the average of the buy and sell spot exchange rates available on Bloomberg by typing "USDCLP BGN Curncy <GO>" at or around noon, New York Time, on Thursday, May 30, 2024, in accordance with the Offer to Purchase. The Applicable Exchange Rate is the same rate at which the purchase price payable for the New Bonds sold in the New Bonds Offering will be calculated in U.S. dollars. 

The Dealer Managers for the Tender Offer are:

Questions regarding the Tender Offer may be directed to the Dealer Managers at the above contact.

Important Notice

The New Bonds Offering was made solely by means of an offering memorandum relating to that offering, and this announcement does not constitute an offer to sell or the solicitation of an order to buy any New Bonds.  You may not participate in the New Bonds Offering unless you have received and reviewed the offering memorandum related to that offering, and not in reliance on, or on the basis of, this announcement or the Offer to Purchase. The New Bonds will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any other jurisdiction and will be offered in the United States only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act.

This announcement is not an offer to purchase or a solicitation of an offer to sell the Old Bonds. The Tender Offer was made only by and pursuant to the terms of the Offer to Purchase and expired at 10:00 am, New York Time, on Thursday, May 30, 2024.

The distribution of materials relating to the New Bonds Offering and the Tender Offer, and the transactions contemplated by the New Bonds Offering and Tender Offer, may be restricted by law in certain jurisdictions.  The Tender Offer was made only in those jurisdictions where it is legal to do so.  The Tender Offer is void in all jurisdictions where it is prohibited.  If materials relating to the New Bonds Offering or the Tender Offer come into your possession, you are required to inform yourself of and to observe all of these restrictions.  The materials relating to the New Bonds Offering and the Tender Offer, including this communication, do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the New Bonds Offering or the Tender Offer be made by a licensed broker or dealer and a Dealer Manager or any affiliate of a Dealer Manager is a licensed broker or dealer in that jurisdiction, the New Bonds Offering or the Tender Offer, as the case may be, shall be deemed to be made by the Dealer Manager or such affiliate in that jurisdiction.  Owners who may lawfully participate in the Tender Offer in accordance with the terms thereof are referred to as "holders."

This announcement and the Offer to Purchase contain forward-looking statements. Forward-looking statements are statements that are not historical facts, including statements about Chile's beliefs and expectations. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made. Chile undertakes no obligation to update any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. Chile cautions you that several important factors could cause actual results to differ materially from those contained in any forward-looking statement.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AFTER THIS MESSAGE ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED.  SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

SOURCE Republic of Chile

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