Côte d’Ivoire in €1 Billion Sovereign Bond Offering and Concurrent Cash Tender Offers
December 1, 2020
Cleary Gottlieb represented the Republic of Côte d’Ivoire (Côte d’Ivoire) in an international sovereign bond offering of €1 billion 4.875% amortizing notes due 2032.
The offering, which was made in the U.S. under Rule 144A and outside the U.S. in reliance on Regulation S, priced on November 24, 2020, and closed on December 1, 2020. The notes have been admitted to trading on the Regulated Market of Euronext Dublin.
Concurrently with the bond offering, Côte d’Ivoire made a tender to purchase for cash up to $825 million of its outstanding 5.125% notes due 2025, U.S. dollar-denominated step-up bonds due 2032, and 6.375% amortizing notes due 2028. Tenders were made and accepted in an aggregate amount of $496,203,914 and were settled on December 3, 2020. Concurrently, Côte d’Ivoire called for redemption $90.768 million of its 2032 bonds.
The net proceeds of the transactions will be used to finance investments under Côte d’Ivoire’s budget, including the National Development Plan’s 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, and, if needed, to further manage the budget deficit and debt profile of the Republic.