Global law firm White & Case LLP has advised the Republic of Cameroon on the 144A/Reg S offering of its €685 million 5.950 % Amortizing Notes due 2032 (the Notes) and the concurrent any-and-all tender offer (the Tender Offer) of its US$750 million 9.50 % Amortizing Notes due 2025 (the 2015 Notes), its debut international bond offering in 2015.
The transaction also involved the partial unwinding of a complex hedge related to the 2015 Notes on which White & Case had originally advised.
The Notes are listed on the London Stock Exchange under the new exempt sovereign issuer rules. The Tender Offer was taken up by holders of US$595,671,000 in aggregate principal amount of the 2015 Notes, which were subsequently redeemed using part of the proceeds of the issue of the Notes. Most of the remaining proceeds were used to fund the unwinding costs of the hedge related to the redeemed 2015 Notes.
Rothschild & Co acted as financial advisers to the Republic of Cameroon and Citigroup Capital Markets Limited, J.P. Morgan Securities plc and Société Générale acted as Joint Lead Managers and Dealer Managers.
The White & Case team which advised on the transaction was led by partner of counsel Cenzi Gargaro and counsel Olga Fedosova (both Paris) and included partners Grégoire Karila, Max Turner (both Paris) and Ingrid York (London), with support from counsel Nathaniel Crowley (Hong Kong) and associates Charlotte Wright and Paul-Grégoire Longrois (both Paris).
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