Cleary Gottlieb represented the Republic of Benin in an international sovereign bond offering of €500 million 5.750% amortizing notes due 2026.
This issuance is the Republic’s debut international sovereign bond offering. The offering priced on March 19, 2019, and closed on March 26, 2019. Net proceeds will be used to finance investments under Benin’s budget, including the Republic’s government action program priority projects in infrastructure, digital economy, electricity and the improvement of living conditions.
The notes were issued to investors in the United States pursuant to Rule 144A and outside of the United States pursuant to Regulation S, and were admitted to trading on the Regulated Market of the Irish Stock Exchange (Euronext Dublin).