By Christine Van Dusen
Atlanta, Oct. 7 – Ghana priced a $1 billion issue of 10¾% 15-year amortizing notes (expected ratings: B1//BB-) at par to yield 10¾% on Wednesday, a market source said.
The notes were talked at a yield in the 11% area.
The notes have a 14-year weighted average life with three equal redemption payments in October 2028, 2029 and 2030.
Barclays, Deutsche Bank and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.
The notes were guaranteed by the International Development Association.
The proceeds will be used to refinance domestic and external debt and for general budgetary purposes.
| Issuer: | Ghana
|
| Amount: | $1 billion
|
| Maturity: | Oct. 14, 2030
|
| Description: | Amortizing notes
|
| Bookrunners: | Barclays, Deutsche Bank, Standard Chartered Bank
|
| Coupon: | 10¾%
|
| Price: | Par
|
| Yield: | 10¾%
|
| Trade date: | Oct. 7
|
| Expected ratings: | Moody's: B1
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 11% area
|
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