World Bank gives results of offers to exchange six notes for new notes

By Wendy Van Sickle

Columbus, Ohio, June 7 – The International Bank for Reconstruction and Development (World Bank) gave results of its offer for holders of six series of its existing floating-rate notes to exchange any and all of the existing notes for new notes, according to a notice.

World Bank offered to exchange the notes on a one-to-one basis, as announced on May 10.

World Bank received and accepted notices to exchange the following principal amounts of the existing notes:

• $118,792,000 of the $252,352,000 outstanding notes due March 31, 2024 (ISIN: XS1570406691) with a current interest rate of 3% and Libor as the coupon benchmark for new March 2024 notes with a 3% coupon for the first and second fixed-rate periods and compounded SOFR as the benchmark after that;

• $122,818,000 of the $266,512,000 outstanding notes due May 31, 2026 (ISIN: XS1410333527) with a current interest rate of 2.33% and Libor as the coupon benchmark for new May 2026 notes with a 2.33% coupon for the fixed-rate period and compounded SOFR as the benchmark after that;

• $20,406,000 of the $96 million outstanding notes due June 28, 2026 (ISIN: XS1410230806) with a current interest rate of 2.23443% and Libor as the coupon benchmark for new June 2026 notes with a 2.23443% coupon for the first fixed-rate period, a 2.35% coupon for the second fixed-rate period and compounded SOFR as the benchmark after that;

• $92,676,000 of the $207.16 million outstanding notes due Aug. 11, 2026 (ISIN: XS1444473109) with a current interest rate of 1.82% and Libor as the coupon benchmark for new August 2026 notes with a 1.82% coupon for the fixed-rate period and compounded SOFR as the benchmark after that;

• $2,844,000 of the $20 million outstanding notes due Sept. 21, 2027 (ISIN: XS1673620875) with a current interest rate of 3% and Libor as the coupon benchmark for new September 2027 notes with a 3% coupon for the fixed-rate period and compounded SOFR as the benchmark after that; and

• $2,154,000 of the $15 million outstanding notes due Dec. 7, 2027 (ISIN: XS1721365671) with a current interest rate of 4.72343% and Libor as the coupon benchmark for new December 2027 notes with a 4.72343% coupon for the fixed-rate period and compounded SOFR as the benchmark after that.

Each offer expired at 10 a.m. ET on June 6.

Settlement is expected to be on June 15.

On the settlement date, the issuer will pay accrued interest.

The dealer manager is BNP Paribas (+33 1 55 77 78 94; liability.management@bnpparibas.com).

The information and exchange agent is Morrow Sodali Ltd. (+44 20 4513 6933 in London for institutional noteholders; 203 609-4910 in Stamford, Conn., for institutional noteholders; +39 06 8587 0334 in Rome for retail noteholders; IBRD@investor.morrowsodali.com; https://projects.morrowsodali.com/IBRD).

The global development financing cooperative is based in Washington, D.C.

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