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Ghana adjusts proration factor for conventional exchange instructions
By Susanna Moon
Chicago, Aug. 7 - The Republic of Ghana said it accepted tenders with conventional exchange instructions for its 8½% notes due 2017 with an adjusted proration factor of 70.6008751%.
Previously, Ghana had said the proration factor was 74.2066% for tenders with conventional exchange instructions. The fixed proration factor for notes tendered for exchange via fixed proration instructions was 29.2%, unchanged from Aug. 2 when the results were announced.
As a result of the exchange ratio of 1.139 and rounding, the country will issue the full $250 million of new notes, including $890 of the exchange notes issued as a result of rounding.
Ghana said on Aug. 2 that it received total tenders for $355,859,000 of its 8½% notes in the exchange offer for up to $219.49 million of the notes.
The country offered up to $250 million of new 7 7/8% notes due 2023, which comprise a single series with the $750 million of the notes priced on July 25.
The exchange offer expired at 5 p.m. ET on Aug. 1.
The combined aggregate principal amount of the new notes to be issued is therefore $1 billion, with settlement of the new issue on Aug. 7.
When the offer was announced, Ghana said it would issue $1,139 principal amount of the new notes for each $1,000 of existing notes. The figure included accrued interest of $29.
Holders had to submit exchange instructions by 5 p.m. ET on Aug. 1.
A fixed pro-ration instruction, which required the republic to accept for exchange 29.2% of the tendered notes if accepted, required a minimum tender amount of $603,000 principal amount of the 8½% notes.
The dealer managers were Barclays Bank plc (44 20 7773 8990, 800 438-3242 or 212 528-7581; liability.management@barclays.com) and Citigroup Global Markets Ltd. (44 20 7986 8969, 800 558-3745 or 212 723-6108; liabilitymanagement.europe@citi.com).
The exchange agent was Citibank, NA, London Branch (44 20 7508 3867 or exchange.gats@citi.com).
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