Chicago, July 19 – Bahamas sold $385 million of bonds in a dual-tranche offering, according to a press release.
The offering included $250 million of 9% notes (series B) due June 2029 (Ba3) and $135 million of 3.85% series A notes due June 2036 (Aaa).
The Inter-American Development Bank provided a guarantee for $200 million.
The guarantee primarily benefits bondholders of the bonds due 2036.
The government was last in the international debt capital markets in December 2020.
Proceeds from the dual-tranche offering will be used for general purposes, including the refinancing, repurchase or retirement of existing indebtedness and to finance general development in the Bahamas.
Goldman Sachs & Co. acted as sole global coordinator and sole bookrunner for the series A notes and as a joint bookrunner for the series B notes. Oppenheimer & Co. acted as a joint bookrunner for the series B notes.
Distribution was via Rule 144A and Regulation S.
| Issuer: | Bahamas
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| Guarantor: | Inter-American Development Bank
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| Amount: | $385 million
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| Issue: | Notes
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| Trade date: | June 10
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| Distribution: | Rule 144A and Regulation S
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| Series B
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| Amount: | $250 million
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| Issue: | Series B notes
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| Maturity: | 2029
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| Bookrunners: | Oppenheimer & Co., Goldman Sachs & Co.
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| Coupon: | 9%
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| Ratings: | Moody’s: Ba3
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| S&P: B+
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| Series A
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| Amount: | $135 million
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| Issue: | Series A notes
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| Maturity: | 2036
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| Bookrunners: | Goldman Sachs & Co.
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| Coupon: | 3.85%
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| Ratings: | Moody’s: Aaa
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| S&P: AAA
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