Cleary Gottlieb represented the Republic of Côte d’Ivoire in an international sovereign bond offering of $1.25 billion 6.125 percent amortizing notes due 2033 and €625 million 5.125 percent notes due 2025.
The offering, which was made in the U.S. under Rule 144A and outside the U.S. in reliance on Regulation S, priced on June 8, 2017, and closed on June 15, 2017. The notes have been admitted to trading on the Regulated Market of the Luxembourg Stock Exchange.
Concurrently with the bond offering, the Republic of Côte d’Ivoire made a tender to purchase for cash up to $250 million of its outstanding 5.375 percent notes due 2024 and up to $500 million of its outstanding U.S. dollar-denominated step-up bonds due 2032. The Republic of Côte d’Ivoire purchased notes in approximately such maximum amounts on June 16, 2017.
Proceeds of the bond offering were used to finance the purchase of notes in the tender offer; the balance (of approximately $1 billion) will be used to finance investments under Côte d’Ivoire’s budget, including National Development Plan priority structural projects aimed at an increase in agricultural output, promotion of the manufacturing sector and improvement in the standard of living, particularly through investments in the sectors of education, health, infrastructures, trade and culture.
The bond offering represents the Republic’s third international offering on the primary capital markets, after its successful offerings of $750 million in 2014 and $1 billion in 2015, on which the firm represented the Republic of Côte d’Ivoire.