By Rebecca Melvin
Concord, N.H., Nov. 19 – The Gabonese Republic priced $800 million 7% amortizing notes due 2031 (expected ratings: Caa1//B-) at par, according to an offering circular published on Friday.
The principal will be repaid in three instalments on Nov. 24, 2029, 2030 and 2031.
Joint lead managers of the Rule 144A and Regulation S notes are Deutsche Bank AG, London Branch, J.P. Morgan Securities plc and Standard Chartered Bank. JPMorgan is development finance structuring agent and Lazard is financial advisor to the issuer.
The sovereign launched concurrent tender offers for its outstanding $1.5 billion 6 3/8% amortizing notes due 2024 and the $700 million 6.95% notes due 2025. Proceeds of the new issue will be used to fund the tender offers.
| Issuer: | Gabon
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| Amount: | $800 million
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| Issue: | Amortizing notes
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| Maturity: | Nov. 24, 2031
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| Bookrunners: | Deutsche Bank AG, London Branch, J.P. Morgan Securities plc and Standard Chartered Bank
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Issue date: | Nov. 24
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| Ratings: | Moody’s: Caa1
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| Fitch: B-
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| Distribution: | Rule 144A and Regulation S
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| ISINs: | XS2407752711, US362420AE18
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