Lebanon to issue up to €800 million in bonds

By Reshmi Basu

New York, April 18 - The Republic of Lebanon plans to issue up to €800 million in a reopening of its 5 7/8% euro-denominated bonds due 2012 and 8¼% dollar-denominated bonds due 2012, according to a market source.

Bank Audi, Byblos bank, Fransabank and Bank Med are managers for the issuance.

Meanwhile, one source said that the central bank is attempting to recover $163 million of its assets, which were frozen by a U.S. federal court.

Former mobile operator LibanCell had asked the court to freeze assets of the Lebanese government because of its failure to pay the company for prematurely canceling contracts in 2002.

Last week, the Lebanese government decided to cancel a debt exchange offer, following the court ruling, which favored LibanCell.

The court has ruled to suspend the cash operations of the Lebanese government. This year, $3 billion in eurobonds are set to mature.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.