10th Apr 2026 11:44
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIES OR MAY QUALIFY AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
THE REPUBLIC OF UZBEKISTAN ANNOUNCES FINAL RESULTS OF TENDER OFFER
10 April 2026 - On 1 April 2026, the Republic of Uzbekistan (the "Issuer" or "Uzbekistan"), represented by the Ministry of Economy and Finance of the Republic of Uzbekistan announced an invitation to holders (the "Noteholders") of the UZS 4,250,000,000,000 16.250% Notes due 2026 (the "Notes") issued by the Issuer (Reg S ISIN: XS2701167442 / Reg S Common Code: 270116744 / 144A ISIN: US91822QVW40 / 144A CUSIP: 91822QVW4) to tender their Notes for purchase by the Issuer for cash, subject to the offer and distribution restrictions and upon the terms and conditions set forth in a tender offer memorandum dated 1 April 2026 (the "Tender Offer Memorandum"), in accordance with the procedures described therein. The invitation to tender the Notes for purchase is referred to herein as the "Tender Offer".
Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.
The Tender Offer has been made subject to the terms and conditions set forth in the Tender Offer Memorandum, including the settlement of the issuance of a new series of notes by the Issuer (such settlement, the "Financing Condition"). On 10 April 2026, the Issuer signed a subscription agreement in respect of an issue of UZS 12,194,000,000,000 12.250% Notes due 2029 and the Issuer therefore currently expects the Financing Condition to be satisfied by the Payment Date (as defined below).
The Issuer hereby informs Noteholders that, subject to the satisfaction or waiver (at the sole discretion of the Issuer) of the Financing Condition, it has accepted for purchase all Notes validly tendered pursuant to the Tender Offer at or prior to 10:00 pm (London time) on 9 April 2026 at the Purchase Price as set forth in the table below:
Description ofthe Notes | OutstandingPrincipalAmount | ISIN /Common CodeReg S Notes | ISIN / CUSIP144A Notes | PurchasePrice | FX Rate | Total Aggregate Principal Amount of Notes Accepted for Purchase | Outstanding Principal Amount Following Settlement of the Tender Offer |
UZS 4,250,000,000,000 16.250% Notes due 2026 | UZS 4,250,000,000,0001 | XS2701167442/ 270116744 | US91822QVW40/ 91822QVW4
| UZS 10,000,000 per UZS 10,000,000in principal amount ofNotes2 | UZS 12,194 per U.S.$1 | UZS 452,550,000,000 | UZS 3,797,450,000,000 |
1 As at 10 April 2026.
2 Payment of the Purchase Price, along with Accrued Interest Amounts, shall be made in U.S. Dollars, calculated as set out below.
On or about 13 April 2026 (the "Payment Date"), subject to the conditions described in the Tender Offer Memorandum, Noteholders of such Notes will be paid: (i) the Purchase Price for the validly tendered and accepted Notes, and (ii) the Accrued Interest Amount from (and including) the immediately preceding interest payment date up to but not including the Payment Date.
Payment of the Purchase Price and Accrued Interest Amounts shall be made in U.S. Dollars and will be calculated by the Tender Agent for payment in U.S. Dollars by dividing the relevant Soum amounts by the FX Rate, where "FX Rate" means UZS 12,194 per U.S.$1.
The Notes acquired in the Tender Offer will be cancelled.
The Tender Offer has now expired and no further Notes can be tendered for purchase.
Notes that have not been successfully tendered and accepted for purchase pursuant to the Tender Offer in accordance with the terms and conditions set out in the Tender Offer Memorandum will remain outstanding.
The Dealer Managers
The Dealer Managers for the Tender Offer are:
Citigroup Global Markets Limited
Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB
United Kingdom
For information by telephone: +44 20 7986 8969
E-mail: [email protected]
Deutsche Bank Aktiengesellschaft Mainzer Landstr. 11-17
60329 Frankfurt am Main
Germany
Telephone: +44 20 7545 8011
Attention: Liability Management
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP
United Kingdom
For information by telephone: +44 20 7134 2468
E-mail: [email protected]
Attention: Liability Management
Raiffeisen Bank International AG Am Stadtpark 91030 ViennaAustria
Telephone: +43 171707 3951Email: [email protected]; [email protected]
Attention: Liability Management
Standard Chartered Bank One Basinghall Avenue
London EC2V 5DD
United Kingdom
For information by telephone: +44 207 885 5739Email: [email protected]
Attention: Liability Management
The Tender Agent
The Tender agent for the Tender Offer is:
Citibank, N. A., London Branch
Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB
United Kingdom
Telephone: +44 20 7508 3867
Email: [email protected]
DISCLAIMER
This announcement must be read in conjunction with the Tender Offer Memorandum. No offer or invitation to acquire or exchange any notes is being made pursuant to this announcement. This announcement and the Tender Offer Memorandum contain important information, which must be read carefully. If any Noteholder is in any doubt as to the contents of this announcement or the Tender Offer Memorandum, it is recommended to seek its own legal, tax and financial advice, including as to any tax consequences, from its stockbroker, bank manager, solicitor, accountant or other independent financial adviser. This announcement is for informational purposes only.