Ghana launches exchange offer for up to $219.49 million 8½% notes

By Jennifer Chiou

New York, July 26 - The Republic of Ghana announced the start of its exchange offer for up to $219.49 million of its $750 million of 8½% notes due 2017.

The country is offering up to $250 million of new 7 7/8% notes due 2023, which will comprise a single series with the $750 million of the notes priced on July 25.

For each $1,000 of existing notes, Ghana will issue $1,139 principal amount of the new notes. The figure includes accrued interest of $29.00.

Participating holders must submit exchange instructions by 5 p.m. ET on Aug. 1.

A fixed pro-ration instruction, which will require the republic to accept for exchange 29.2% of the tendered notes if accepted, requires a minimum tender amount of $603,000 principal amount of the 8½% notes.

The dealer managers are 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 is Citibank, NA, London Branch (44 20 7508 3867 or exchange.gats@citi.com).

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