Cleary Gottlieb represented the Republic of Benin in an international sovereign bond offering of $750 million 7.96% amortising notes due 2038.
The offering, which was made in the U.S. under Rule 144A and outside the U.S. in reliance on Regulation S, priced on February 6, 2024, and closed on February 13, 2024. The notes have been admitted to trading on the Main Market of the London Stock Exchange.
The net proceeds from the issue of the notes, after deduction of certain fees and expenses payable by Benin in connection with the offer and sale of the notes, will be used for general budget purposes in accordance with Benin’s finance laws.