The Republic of Congo in $700 Million Sovereign Bond Offering and Concurrent Cash Tender Offer

Cleary Gottlieb represented the Republic of Congo (Congo) in an international sovereign bond offering of $700 million 9.5% amortizing notes due 2035.

The offering, which was made through a private placement outside the U.S. in reliance on Regulation S only, priced on February 11, 2026, and closed on February 17, 2026. The notes have been admitted to trading on the Main Market of the London Stock Exchange.

Concurrently with the bond offering, Congo made a tender to purchase for cash its outstanding U.S. dollar-denominated 9.875% amortizing notes due 2032, up to an aggregate tender consideration of $390 million. Tenders were made and accepted in an amount of $354 million and were settled on February 23, 2026.

The net proceeds of the transactions will be used by Congo to refinance its existing domestic debt in the form of short-term treasury bonds issued on the Communauté économique et monétaire de l’Afrique centrale (CEMAC) capital markets falling due in March and April 2026.

For more details, please see the official press releases here and here.

The Cleary team included partners Barthélemy Faye and Frederic Martin and associates Pap Diouf, Paul Boswell, Julie Jacquemoud, Johanna Jumelet, and Doriane Nguenang. Partner Polina Lyadnova advised on sanctions matters.