Lebanon offers new notes, cash in exchange for $2.3 billion of existing notes

New York, Aug. 23 - The Lebanese Republic said it has begun an exchange in which it is offering cash and new notes with a longer maturity in exchange for $2.3 billion of its existing notes.

Covered by the exchange are Lebanon's $1 billion of 10¼% notes due 2005, $850 million of 9 3/8% notes due 2005 and $450 million of 8¾% notes due 2005.

Lebanon is offering either notes due March 5, 2010, notes due Sept. 7, 2012 or a combination plus a cash payment.

The new notes and cash amount will be priced on Aug. 25, with an announcement at 3:30 a.m. ET.

Holders will also receive accrued interest up to but excluding the exchange date.

The offer expires at 8 a.m. ET on Aug. 27. Settlement is scheduled for Sept. 7.

Dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969) and Morgan Stanley International Ltd. (+44 20 7677 3309).

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