Lebanon launches $500 million offering of five-, 15-year bonds

By Paul A. Harris

St. Louis, Nov. 30 - The Republic of Lebanon (B2/B-/B-) launched a $500 million two-part offering of notes on Monday, according to market sources.

The Regulation S-only deal is comprised of a $250 million tranche of 5 7/8% notes due Jan. 15, 2015 and a $250 million tranche of 7% notes due Dec. 3, 2024.

Bank of Beirut, Citigroup and SG Corporate & Investment Banking are managing the deal.

Pricing was believed to be imminent, an emerging debt capital markets banker said shortly after the New York midday.

However no terms had circulated in the market as the U.S. East Coast session came to a close.

The deal was launched with a Dec. 3 settlement date.

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