Ghana again tenders for any and all 8½% notes due 2017, ups pricing

By Susanna Moon

Chicago, Sept. 8 – The Republic of Ghana is tendering for any and all of its $400,598,000 principal amount of outstanding 8½% notes due 2017 after wrapping an oversubscribed offer for the notes earlier last month.

In the current offer, the purchase price will be $1,036.25 per $1,000 principal amount plus accrued interest, according to an issuer notice.

The tender offer will run until 5 p.m. ET on Sept. 15, with settlement set for Sept. 20.

Ghana plans to price new dollar-denominated notes, and the tender offer is contingent on closing of the new issue.

The issuer is making the offer to manage the upcoming redemption of its 8½% notes and its overall debt maturity profile.

Tender instructions must be submitted for a minimum nominal amount of notes of no less than $100,000 and in integrals of $1,000 after that.

The dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969, 800 558-3745, 212 723-6108 or liabilitymanagement.europe@citi.com), Merrill Lynch International (+44 20 7996 5420, 980 388-3646 or DG.LM_EMEA@baml.com) and Standard Chartered Bank (+44 20 7885 5739 or Liability_management@sc.com). The tender agent is Citibank NA, London Branch (+44 20 7508 3867, fax +44 20 3320 2405 or exchange.gats@citi.com).

In the most recent tender, the issuer began tendering for any and all of the notes on July 29 and then said on Aug. 4 that it was capping the offer at $100 million and waiving the financing condition.

Ghana said on Aug. 9 that investors had tendered $261,514,000 of the 8½% notes in the offer that ran until 5 p.m. ET on Aug. 8 and that it would accept for purchase $99,999,000 of the notes, using a scaling factor of 40.139%.

The tender offer price was $1,030 for each $1,000 principal amount plus accrued interest.

The issuer had planned to price $1 billion of dollar-denominated notes and then said on Aug. 4 that it had decided to postpone the notes issue due to market conditions.

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