Global law firm White & Case LLP has advised BNP Paribas, J.P. Morgan Securities plc and Standard Chartered Bank, as Joint Lead Managers and Bookrunners, on Côte d’Ivoire’s €850 million dual tranche 144A/Reg S tap bond offerings, both of which priced at a yield below the secondary market yields on the outstanding original bonds with which they are fungible.
One tranche comprises €600 million 4.875% bonds maturing in 2032 which are fungible with the original €1 billion bonds issued on December 1, 2020 and will be repaid in three instalments on January 30, 2030, January 30, 2031 and January 30, 2032. The other tranche comprises €250 million 6.625% bonds maturing in 2048 which are fungible with the original €850 million bonds issued on March 22, 2018 and will be repaid in three instalments on March 22, 2046, March 22, 2047 and March 22, 2048. The net proceeds of the issuances will be used to finance various investments in the state budget.
White & Case also advised the underwriters on both of Côte d’Ivoire’s original bond issuances.
The White & Case team which advised on the transaction was led by partner of counsel Cenzi Gargaro and partner Max Turner (both Paris), and included partners Alexandre Ippolito (Paris) and Chad McCormick (Houston), counsel Olga Fedosova (Paris) and associates Alice Chavaillard, Claire Sardet (both Paris), Neil Clausen and Michael Rodgers (both Houston).
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