Benin begins tender offer for amortizing notes due 2026, 2032

By Marisa Wong

Los Angeles, Feb. 28 – Republic of Benin is offering to purchase for cash any and all of its €500 million 5¾% amortizing notes due 2026 (ISIN: XS1963478018, XS1963477556), with €176,363,000 outstanding, and up to a capped amount of its €700 million outstanding 4 7/8% amortizing notes due 2032 (ISIN: XS2278994418, XS2278994681), according to a notice.

The republic is offering to purchase 2032 notes up to a maximum aggregate purchase price equal to $250 million less the purchase price to be paid for all of the 2026 notes accepted under the any-and-all offer.

The 2032 notes will be subject to proration if the 2032 notes tender cap is exceeded.

The purchase price per €1,000 principal amount is €1,000 for the 2026 notes and €847.50 for the 2032 notes.

The republic will also pay accrued interest.

The tender offers are subject to some conditions, which the republic may modify at any time.

The offer will expire at 11 a.m. ET on March 6.

Settlement is expected to be on March 12.

Citigroup Global Markets Ltd. (liabilitymanagement.europe@citi.com; +44 20 7986 8969) is the dealer manager for the offers.

Citibank, NA, London Branch (citiexchanges@citi.com; +44 20 7508 3867) is the tender agent.

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