Ivory Coast tenders for $750 million total of 5 3/8%, step-up notes

New York, May 31 – Ivory Coast announced a tender offer for up to $250 million of its $750 million of 5 3/8% notes due 2024 and up to $500 million of its $2,468,525,920 principal amount of step-up bonds due 2032.

The sovereign is offering $985.00 per $1,000 principal amount for the 5 3/8% notes and $975.00 per $1,000 principal amount multiplied by the amortization factor of 0.98 for the step-up bonds.

Holders will also receive accrued interest up to but excluding the settlement date.

Ivory Coast originally issued $2,518,904,000 of the bonds but they have amortized so that the outstanding principal amount is now that figure multiplied by the amortization factor of 0.98. The tender cap will apply after giving effect to the amortization factor.

The republic is carrying out the tender in order to manage its liabilities. It said it is offering new dollar- and euro-denominated notes concurrently with the tender, and completion of the offering of new debt is a condition to the tender.

Holders who participate in the tender will be looked on “favorably” when the new dollar-denominated notes are allocated.

The tender ends at 5 p.m. ET on June 7.

Settlement is planned for the next business day after the new dollar-denominated notes settle.

The dealer managers are BNP Paribas (liability.management@bnpparibas.com or +44 20 7595 8668), Deutsche Bank AG, London Branch (+44 20 7545 8011), J.P. Morgan Securities plc (em_europe_lm@jpmorgan.com or +44 20 7134 2468), Natixis (liability.management-sovereigns@natixis.com or +33 1 58 55 80 98) and Standard Chartered Bank (liability_management@sc.com or +44 20 7885 5739). D.F. King is information agent (rci@dfkingltd.com, +44 20 7920 9700, 888 886-4425, 212 269-5550, +852 3953 7230 or https://sites.dfkingltd.com/rci).

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