By Rebecca Melvin
New York, Oct. 11 – The Republic of Ivory Coast priced €1.7 billion of notes in two tranches (expected ratings: Ba3//B+), including €850 million of 5 7/8% notes due 2031 and €850 million of 6 7/8% notes due 2040, according to a syndicate source on Friday.
The 2031 notes, which have a weighted average life of 11 years, were reoffered at 99.015 to yield 6%. That pricing was tightened from initial price talk of 6 1/8% to 6¼%.
The 2040 notes, which have a weighted average life of 20 years, priced at par. The coupon was tightened from initial talk in the area of 7 1/8%.
The combined order books for the two tranches were in excess of €4.4 billion.
The Rule 144A and Regulation S notes were marketed by bookrunners BNP Paribas, Citigroup and JPMorgan.
| Issuer: | Republic of Ivory Coast
|
| Amount: | €1.7 billion
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas, Citigroup and JPMorgan
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 17
|
| Expected ratings: | Moody’s: Ba3
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2031 tranche
|
| Amount: | €850 million
|
| Maturity: | Oct. 17, 2031
|
| Coupon: | 5 7/8%
|
| Price: | 99.015
|
| Yield: | 6%
|
| Price talk: | Initial price talk of 6 1/8% to 6¼%
|
|
|
| 2040 tranche
|
| Amount: | €850 million
|
| Maturity: | Oct. 17, 2040
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Price talk: | Initial price talk of 7 1/8% area
|
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