By Rebecca Melvin
New York, March 20 – The Republic of Ghana priced $3 billion in three tranches of notes due 2027, 2032 and 2051 (//B), according to market sources on Wednesday.
The $750 million of 7 7/8% notes due March 2027 priced at 99.971 to yield 8%.
The $1.25 billion of 8¼% notes due March 2032 priced at 99.986.
The $1 billion of 8.95% notes due March 2051 priced at par.
BofA Merrill Lynch, JPMorgan, Morgan Stanley, Standard Bank of South Africa and Standard Chartered Bank were joint bookrunners of the Rule 144A and Regulation S notes, which are expected to be listed on the London Stock Exchange.
Proceeds will be used to pay down local debt and fund the sovereign’s tender offer for its 7 7/8% notes due 2023 and its 10¾% amortizing notes due 2030, which are capped at a relatively small $250 million.
| Issuer: | Ghana
|
| Description: | Senior notes
|
| Total amount: | $3 billion
|
| Bookrunners: | BofA Merrill Lynch, JPMorgan, Morgan Stanley, Standard Bank of South Africa and Standard Chartered Bank
|
| Pricing date: | March 20
|
| Settlement date: | March 26
|
| Rating: | Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2027 notes
|
| Amount: | $750 million
|
| Maturity: | March 26, 2027
|
| Coupon: | 7 7/8%
|
| Price: | 99.971
|
| Yield: | 8%
|
|
|
| 2032 notes
|
| Amount: | $1.25 billion
|
| Maturity: | March 26, 2032
|
| Coupon: | 8¼%
|
| Price: | 99.986
|
|
|
| 2051 notes
|
| Amount: | $1 billion
|
| Maturity: | March 26, 2051
|
| Coupon: | 8.95%
|
| Price: | Par
|
| Yield: | 8.95%
|
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