Senegal to buy $200 million 8¾% notes due 2021 in tender, lifts cap

By Susanna Moon

Chicago, March 6 – Senegal said holders had tendered $350,536,000 of its $500 million outstanding 8¾% notes due 2021 in the tender that ended at 5 p.m. ET On March 5.

Senegal accepted for purchase $200 million of the notes using a proration factor of 63.3477% after lifting the maximum acceptance amount, according to a press release.

After settlement on March 14, there will be $300 million of the notes left outstanding.

The issuer said on Feb. 26 that it was offering to purchase up to $150 million of the notes at a purchase price of $1,135 per $1,000 principal amount of notes plus accrued interest.

The republic planned to price its new series of dollar- and euro-denominated notes on Tuesday, and the tender is contingent on issue of the new notes.

As reported, the republic mandated banks for a roadshow to market an offering of dollar- and euro-denominated notes with the Rule 144A and Regulation S euro benchmark securities to a term of up to 10 years and the dollar benchmark bond a term of up to 30 years.

BNP Paribas (liability.management@bnpparibas.com or +44 20 7595 8668), Citigroup Global Markets Ltd. (liabilitymanagement.europe@citi.com or +44 20 7986 8969), Deutsche Bank AG, London Branch (+44 20 7545 8011), Natixis (liability.management-sovereigns@natixis.com or +33 1 58 55 80 98), Societe Generale (liability.management@sgcib.com or +44 20 7676 7951) and Standard Chartered Bank (liability_management@sc.com or +44 20 7885 5739) are the dealer managers.

Lucid Issuer Services Ltd. (senegal@lucid-is.com or +44 20 7704 0880) is the tender agent.

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