Cleary Gottlieb represented the Republic of Benin in the €500 million international offering of a landmark bond linked to the United Nations’ sustainable development goals (SDGs).
With this transaction, the Republic of Benin is the first West African sovereign to issue SDG-linked bonds. The Republic of Benin intends to use the net proceeds from the issue of the bonds to finance or refinance green or social eligible expenditures under the Republic of Benin’s SDG bond framework, which aims to contribute to the Republic of Benin’s commitments to achieving the SDGs.
The offering of €500 million 4.95% amortizing notes due 2035, which was made in the U.S. under Rule 144A and outside the U.S. in reliance on Regulation S, priced on July 15, 2021, and closed on July 22, 2021. The notes have been admitted to trading on the London Stock Exchange.