Global law firm White & Case LLP advised BNP Paribas, Citigroup and JP Morgan, as Joint Lead Managers, on the Republic of Côte d'Ivoire's €1.7 billion dual tranche 144A/Reg S bond offering and on the republic's tender offer to purchase several series of existing bonds.
The first tranche is in a principal amount of €850 million with an annual coupon of 5.875% maturing in 2031. The second tranche of €850 million has an annual coupon of 6.875% and matures in 2040. The 2031 bonds will be repaid in three instalments on October 17, 2029, October 17, 2030 and October 17, 2031. The 2040 bonds will be repaid in three instalments on October 17, 2038, October 17, 2039 and October 17, 2040. Rothschild acted as financial advisor to the Côte d'Ivoire.
Most of the net proceeds of the issue were used to finance the purchase by the Côte d'Ivoire of part of its Eurobonds due 2024, Eurobonds due 2025 and Eurobonds due 2032 in the tender offer, with the balance to be used to finance various investments featuring in the state budget.
White & Case also advised the underwriters in 2018 on the Republic of Côte d'Ivoire's €1.7 billion issue, as well as in 2017 on its tender offer and dual-tranche bond issue, in the aggregate amount of US$875 billion.
The White & Case team in Paris which advised on the transaction was led by partners Cenzi Gargaro and Max Turner (both Paris), with support from counsel, Olga Fedosova, and associate, Alice Chavaillard (both Paris). Partners Stuart Matty (London) and Ray Simon (New York) also provided support.
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