Benin gives result of tender offer for €500 million 5¾% amortizing notes due 2026

By Rebecca Melvin

New York, Jan. 12 – The Republic of Benin announced the result of its tender offer dated Jan. 5 for its €500 million 5¾% amortizing notes due 2026.

The sovereign accepted all €322,147,000 of notes (ISINs: XS1963478018 and XS1963477556) that were tendered and will pay €1,082.50 per €1,000 principal amount for the notes, plus accrued and unpaid interest.

Following settlement set to occur on Jan. 19, €177,833,000 principal amount of the existing notes will be left outstanding.

Benin was in the market Tuesday with two benchmark-sized tranches of notes denominated in euros with 10-year and 30-year weighted average life, according to a market source.

Citibank NA, London Branch is acting as the tender agent.

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