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Gabon gives results of offers to buy notes from three series
By Marisa Wong
Los Angeles, Aug. 8 – The Gabonese Republic announced the results of its July 25 tender offer to buy notes from three series for a total purchase price of up to $450 million, including accrued interest.
The republic accepted for purchase the following notes at the following purchase prices per $1,000 principal amount, exclusive of accrued interest, which will also be paid:
• $94,682,000 of the $301,598,000 tendered of the $700 million outstanding 6.95% notes due 2025 (Cusip: 362420AC5) at a proration factor of 33.8635% for $967.50;
• $105,318,000 of the $500,917,000 tendered of the $1 billion outstanding 6 5/8% amortizing notes due February 2031 (Cusip: 362420AD3) at a proration factor of 23.4305% for $850; and
• $300 million of the $340,773,000 tendered of the $800 million outstanding 7% amortizing notes due November 2031 (Cusip: 362420AE1) at a proration factor of 84.9647% for $850.
The 2025 notes had a series subcap of $150 million, as previously noted.
The republic will also pay accrued interest.
The offer is subject to a financing condition. Gabon expects that settlement of its new series of dollar-denominated notes and funding of its loan will occur on Aug. 14. As a result, the tender offer is now expected to settle on Aug. 15, instead of Aug. 10 as originally planned.
The tender offer had expired at 5 p.m. ET on Aug. 1.
Merrill Lynch International is the dealer manager (liability_management@sc.com, +44 20 7996 5420, 888 292-0070 or DG.LM-EMA@bofa.com).
D.F. King & Co., Inc. is the information and tender agent for the offer (+44 20 7920 9700, 800 361-7972, 212 269-5550, gabon@dfking.com).
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