S&P rates Zambia eurobond B

Standard & Poor’s said it assigned a B long-term issue credit rating to the senior unsecured eurobond issued by the Republic of Zambia.

The bond issue totals $1.25 billion and carries an interest rate of 8.97%. Coupon payments will be made bi-annually and principal repayments will take place in three equal payments due in 2025, 2026 and 2027, S&P said.

The bond will be Zambia’s third international placement following its debut $750 million bond in September 2012 at 5 3/8% and the $1 billion bond issue in April 2014 at 8½%.

The proceeds will be used for budgetary and project financing, S&P said.

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