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Published on 7/25/2023 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Gabon offers to buy notes from three series for up to $450 million

By Wendy Van Sickle

Columbus, Ohio, July 25 – The Gabonese Republic launched a tender offer to buy notes from three series for a total purchase price of up to $450 million, including accrued interest, according to an announcement on Tuesday.

The republic is offering to buy notes from the following series with the purchase prices listed per $1,000 principal amount, exclusive of accrued interest, which will also be paid:

• The $700 million outstanding 6.95% notes due 2025 (Cusip: 362420AC5) for $967.50;

• The $1 billion outstanding 6 5/8% amortizing notes due February 2031 (Cusip: 362420AD3) for $850; and

• The $800 million outstanding 7% amortizing notes due November 2031 (Cusip: 362420AE1) for $850.

The notes due 2025 have a series subcap of $150 million.

The offer is subject to a finance condition. Gabon is planning to issue a new series of U.S. dollar-denominated notes.

Tenders may be prorated. The republic said it reserves to right to allocate note acceptance amounts between series at its sole discretion.

The expiration deadline is 5 p.m. ET on Aug. 1.

Settlement is planned for Aug. 10.

Merrill Lynch International (liability_management@sc.com, +44 20 7996 5420, 888 292-0070 or DG.LM-EMA@bofa.com) is the dealer manager.

D.F. King & Co., Inc. is the information and tender agent for the offer (+44 20 7920 9700, 800 361-7972, 212 269-5550, gabon@dfking.com).


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