By Christine Van Dusen
Atlanta, March 7 – The Eastern and Southern African Trade and Development Bank (TDB) priced $500 million 5 3/8% five-year notes (expected ratings: Ba1//BB) at 99.46 to yield 5˝% on Tuesday, a market source said.
The notes were talked in the 5 5/8% area.
Commerzbank, MUFG and Standard Chartered Bank were the bookrunners for the Regulation S offering. Citigroup was a joint lead manager.
The company has also announced a tender offer for up to $100 million of its outstanding 6 3/8% notes due Dec. 6, 2018.
The lender is based in Bujumbura, Burundi.
| Issuer: | Eastern and Southern African Trade and Development Bank (TDB)
|
| Amount: | $500 million
|
| Maturity: | March 14, 2022
|
| Description: | Senior unsecured notes
|
| Bookrunners: | Commerzbank, MUFG, Standard Chartered Bank
|
| Joint lead manager: | Citigroup
|
| Coupon: | 5 3/8%
|
| Price: | 99.46
|
| Yield: | 5˝%
|
| Trade date: | March 7
|
| Settlement date: | March 14
|
| Expected ratings: | Moody’s: Ba1
|
| Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 5 5/8% area
|
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