Ivory Coast launches capped, any-and-all tender offers for two notes

By Marisa Wong

Los Angeles, Jan. 22 – The Republic of Cote d’Ivoire launched an invitation to purchase for cash any and all of its €239,153,000 outstanding 5 1/8% notes due 2025 (ISIN: XS1631414932, XS1631415079) and up to $300 million aggregate principal amount of its $497,041,390 outstanding step-up bonds due 2032 (ISIN: XS0496488395, XS0496608984), according to a notice.

The republic is offering to purchase the 2025 notes at €1,020 per €1,000 principal amount and the 2032 notes at $971.25 per $1,000 principal amount. The republic will also pay accrued interest.

If the amount of 2032 notes tendered exceeds the offer cap, tendered 2032 notes will be subject to proration. The republic may also decide to adjust the 2032 offer cap.

The 2032 notes are subject to an amortization factor of 0.536945.

The republic said it reserves the right not to accept any of the existing notes for purchase under either of the offers.

The offers are conditioned on new financing. The republic separately announced on Monday plans to issue two new series of dollar-denominated notes.

Holders who participate in the tender offers and wish to subscribe for the new notes may be given priority in the allocation of the new notes.

Pricing of the new notes is expected to occur on Tuesday, with settlement slated for Jan. 30

The tender offers expire at 11 a.m. ET on Jan. 29. Settlement will be on Feb. 5.

BNP Paribas (liability.management@bnpparibas.com; +33 1 55 77 78 94), Citigroup Global Markets Ltd. (liabilitymanagement.europe@citi.com; +44 20 7986 8969), Deutsche Bank AG, London Branch (+44 20 7545 8011), J.P. Morgan Securities plc (em_europe_lm@jpmorgan.com; +44 20 7134 2468), Societe Generale (liability.management@sgcib.com; +33 1 42 13 32 40) and Standard Chartered Bank (liability_management@sc.com; +44 207 8855739) are dealer managers for the offers.

Morrow Sodali Ltd. (CDI@investor.morrowsodali.com; +44 20 4513 6933, +852 2319 4126, 203 658-9457) is the information and tender agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.