The Republic of Benin (BENIN), exp BB-/B+ (p/s) by S&P and Fitch, US$500m 144A/Reg S 16y amortizing sr notes due 1/23/41. 15y average life. Citi (B&D)/JPM/SG as Joint Bookrunners. UOP: general budgetary purposes in accordance with the Issuer's finance laws. Pricing 1/16. Settle 1/23.
IPTs: 9.25-9.375%.
GUIDANCE: 8.75-8.875%.
LAUNCHED: $500m 16y at 8.625%.
PRICED: $500m 8.375% 1/23/41 97.920 8.625%.
In conjunction, the Republic of Benin has also announced a EUR 250m capped tender offer of its outstanding 4.875% Euro denominated Bonds due 2032.
The Tender Offer is expected to be financed through a loan between the Republic of Benin and a commercial bank but is not conditional upon the extension of the loan or the successful closing of the New Notes Offering.
In conjunction, the Republic of Benin has also announced a EUR 250m capped tender offer of its outstanding 4.875% Euro denominated Bonds due 2032.
The Tender Offer is expected to be financed through a loan between the Republic of Benin and a commercial bank but is not conditional upon the extension of the loan or the successful closing of the New Notes Offering.
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The Republic of Benin, rated BB- (positive) and B+ (stable) by S&P and Fitch, has mandated Citi, J.P. Morgan and Societe Generale as Joint Bookrunners to arrange a series of fixed income investor meetings and calls commencing 8 January 2025.
A Rule 144A/Regulation S USD benchmark offering with an expected 15-year average life (16-year final maturity), will follow subject to market conditions
In conjunction, the Republic of Benin has also announced a EUR 250m capped tender offer of its outstanding 4.875% Euro denominated Bonds due 2032.
The Tender Offer is expected to be financed through a loan between the Republic of Benin and a commercial bank but is not conditional upon the extension of the loan or the successful closing of the New Notes Offering.
Target Market: Eligible counterparties and professional clients only (all distribution channels).