White & Case LLP - News - Gabonese Republic Successfully Places Debut Sovereign Bond

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Gabonese Republic Successfully Places Debut Sovereign Bond
White & Case Leads on the Gabonese Republic's Debut and Continues to Advise on Sovereign Offerings

London, December 13, 2007 ... White & Case acted for the Gabonese Republic in its issue of $1 billion 8.20% Senior Notes due 2017. This transaction is the first international bond issue by the Gabonese Republic and only the second international issue by a west African sovereign state, following Ghana's recent $750 million issue. The notes were rated BB- by Fitch and Standard & Poor's and the proceeds of the issue will be used to finance in part the country's repayment of its Paris Club debt. J.P. Morgan Securities Ltd. and Citigroup Global Markets Limited were Joint Lead Managers.

"Africa is becoming an increasingly attractive option for investors, with many countries in the region showing strong growth in their economies. We can expect to see more countries from the region tapping the international capital markets in the future," commented White & Case partner Francis Fitzherbert-Brockholes, who led the White & Case team advising the Gabonese Republic on the transaction comprising of associate Geraldine Pellerin and trainee solicitor Paddy Patrick.

White & Case's Capital Markets practice has a long track record of advising on sovereign offerings, having been one of the leading sovereign advisory firms for almost 40 years and having advised many sovereigns on their debut issues, including Indonesia, Egypt, Poland, Hungary, the Czech Republic, Ukraine, Kazakhstan and Bulgaria.

The Firm also has extensive experience advising on both debt and equity offerings by African issuers, including most recently representing Guaranty Trust Bank plc ("GTBank"), one of Nigeria's major commercial banks, in its global offering of Global Depositary Receipts (GDRs) on the London Stock Exchange (LSE), which raised $750 million and was the first-ever Nigerian GDR listing on the LSE. The firm also advised GTBank on its issue of $350 million 8.5% Senior Notes due 2012 in October 2007, which was the first international corporate bond issue by a Nigerian business since the early 1990s, and Orascom Telecom Finance S.C.A. on its debut high yield issue of $750 million 7⅞% Senior Notes due 2014, which was the first-ever Rule 144A/Regulation S high yield bond offering by an Egyptian corporate and the first international corporate bond issuance by an Egyptian corporate since 1999.

About White & Case
White & Case LLP is a leading global law firm with 2,300 lawyers in 36 offices in 24 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011

Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848

	Press Releases
Expertise Capital Markets Lawyers Francis Fitzherbert-Brockholes Geraldine Pellerin Locations London	Gabonese Republic Successfully Places Debut Sovereign Bond White & Case Leads on the Gabonese Republic's Debut and Continues to Advise on Sovereign Offerings London, December 13, 2007 ... White & Case acted for the Gabonese Republic in its issue of $1 billion 8.20% Senior Notes due 2017. This transaction is the first international bond issue by the Gabonese Republic and only the second international issue by a west African sovereign state, following Ghana's recent $750 million issue. The notes were rated BB- by Fitch and Standard & Poor's and the proceeds of the issue will be used to finance in part the country's repayment of its Paris Club debt. J.P. Morgan Securities Ltd. and Citigroup Global Markets Limited were Joint Lead Managers. "Africa is becoming an increasingly attractive option for investors, with many countries in the region showing strong growth in their economies. We can expect to see more countries from the region tapping the international capital markets in the future," commented White & Case partner Francis Fitzherbert-Brockholes, who led the White & Case team advising the Gabonese Republic on the transaction comprising of associate Geraldine Pellerin and trainee solicitor Paddy Patrick. White & Case's Capital Markets practice has a long track record of advising on sovereign offerings, having been one of the leading sovereign advisory firms for almost 40 years and having advised many sovereigns on their debut issues, including Indonesia, Egypt, Poland, Hungary, the Czech Republic, Ukraine, Kazakhstan and Bulgaria. The Firm also has extensive experience advising on both debt and equity offerings by African issuers, including most recently representing Guaranty Trust Bank plc ("GTBank"), one of Nigeria's major commercial banks, in its global offering of Global Depositary Receipts (GDRs) on the London Stock Exchange (LSE), which raised $750 million and was the first-ever Nigerian GDR listing on the LSE. The firm also advised GTBank on its issue of $350 million 8.5% Senior Notes due 2012 in October 2007, which was the first international corporate bond issue by a Nigerian business since the early 1990s, and Orascom Telecom Finance S.C.A. on its debut high yield issue of $750 million 7⅞% Senior Notes due 2014, which was the first-ever Rule 144A/Regulation S high yield bond offering by an Egyptian corporate and the first international corporate bond issuance by an Egyptian corporate since 1999. About White & Case White & Case LLP is a leading global law firm with 2,300 lawyers in 36 offices in 24 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 Alexandra Henderson Media Relations Executive, White & Case 44 0 20 7532 2848