Ivory Coast announces indicative results of capped tender offer

By Sarah Lizee

Olympia, Wash., Oct. 10 – Ivory Coast announced the indicative results of its offer to purchase for cash up to $1.5 billion of four series of notes.

The offer expired at 5 p.m. ET on Oct. 9. Settlement is expected for Oct. 21.

The republic said it will accept the following tendered notes for purchase, listed in order of acceptance priority level and with their purchase prices per $1,000 or €1,000 principal amount:

• $359,486,000 of the $500,007,000 5 3/8% notes due 2024 for a purchase price of $1,042.00;

• €300,963,000 of the €625 million 5 1/8% notes due 2025 for a purchase price of €1,081.25;

• $752,778,400 of the $1,767,656,880 step-up bonds due 2032 for a purchase price of par and an amortization factor of 0.88; and

• None of the $1 billion 6 3/8% amortizing notes due 2028, which had a purchase price of $1,027.50.

As previously reported, the 6 3/8% notes had a $250 million tender sub-cap.

Notes are subject to proration if the amount tendered exceeds the cap.

The offer is subject to a financing condition. The issuer said it plans to issue two new series of euro-denominated notes. Pricing was to be set on Oct. 10, and settlement is expected for Oct. 17.

The republic said it is making the tender offer and a simultaneous new note offering in order to manage external liabilities.

The dealer managers are BNP Paribas (liability.management@bnpparibas.com or +44 20 7595 8668), Citigroup Global Markets Ltd. (liabilitymanagement.europe@citi.com or +44 20 7986 8969) and J.P. Morgan Securities plc (em_europe_lm@jpmorgan.com or +44 20 7134 2468).

The tender agent is Citibank, NA, London Branch (citiexchanges@citi.com or +44 20 7508 3867).

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