By Rebecca Melvin
New York, March 20 – The Republic of Benin priced €500 million of 5¾% amortizing notes due 2026 (B2/B+/B) at 98.774 to yield 6%, or a spread of mid-swaps plus 580.2 basis points, according to a pricing term sheet.
The repayment schedule for the bonds is for three equal payments due on March 26, 2024, 2025 and 2026.
Pricing was tightened from a yield in the area of 6 3/8%.
Citigroup, Natixis and Societe Generale were joint lead managers of the Rule 144A and Regulation S notes.
| Issuer: | Benin
|
| Description: | Amortizing notes
|
| Amount: | €500 million
|
| Maturity: | March 26, 2026
|
| Bookrunners: | Citigroup, Natixis and Societe Generale
|
| Coupon: | 5¾%
|
| Price: | 99.774
|
| Yield: | 6%
|
| Spread: | Mid-swaps plus 580.2 bps
|
| Trade date: | March 19
|
| Settlement date: | March 26
|
| Ratings: | Moody’s: B2
|
| S&P: B+
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6 3/8% area
|
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