Côte d’Ivoire in €850 Million Eurobond Tap Issuance

Cleary Gottlieb represented the Republic of Côte d’Ivoire in international sovereign dual tranche bond offerings of €600 million 4.875% amortizing notes due 2032 and €250 million 6.625% amortizing notes due 2048.

The 2032 notes constitute a further issuance of, and were consolidated to form a single series with, the €1 billion principal amount of Côte d’Ivoire’s outstanding 4.875% amortizing notes due 2032 issued on December 1, 2020. The 2048 notes constitute a further issuance of, and were consolidated to form a single series with, the €850 million principal amount of Côte d’Ivoire’s outstanding 6.625% amortizing notes due 2048 issued on March 22, 2018.

The offerings, which were made in the U.S. under Rule 144A and outside the U.S. in reliance on Regulation S, launched and priced on February 8, 2021, and closed on February 15, 2021. The 2032 notes have been admitted to trading on the Regulated Market of Euronext Dublin. The 2048 notes have been admitted to trading on the Regulated Market of Euronext Dublin and on the Regulated Market of the Luxembourg Stock Exchange.

The net proceeds of these 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.