Commentary & Deal Flow

Republic of Congo launches tender offer for $575.7m notes

BRAZZAVILLE - The Republic of Congo announced Monday the launch of a cash tender offer for any and all of its outstanding 9.875% Amortising Notes due 2032, according to a press release statement.

The offer covers notes with an outstanding principal amount of $575,658,000, carrying the ISIN XS3223166409. The Republic is offering to purchase the notes at $1,040.00 per $1,000 principal amount, plus accrued and unpaid interest.

The original aggregate principal amount of the notes issued was $670,000,000. Following a $260,000,000 reopening in December 2025 and a repurchase and cancellation of $354,342,000 in February 2026, the current outstanding amount stands at $575,658,000.

The tender offer is conditional upon the closing of a new notes offering on terms acceptable to the Republic. The Republic separately announced Monday its intention to issue a new series of U.S. dollar-denominated notes.

The Republic stated it is making the offer to manage its external liabilities. The terms of the existing notes permit the Republic to redeem outstanding notes if their aggregate principal amount falls below 25% of the issued amount. The Republic said it expects to exercise this clean-up call option if more than $343,158,000 in aggregate principal amount is repurchased through the offer.

Noteholders who wish to participate must submit valid tender instructions by 5:00 p.m. Central European Summer Time on May 19. The settlement date is expected to be on or around May 26, subject to the completion of the new notes offering.

The Republic reserves the right to amend or terminate the offer at any time and is not obligated to accept any notes for purchase. Citigroup Global Markets Limited serves as dealer manager, with Citibank, N.A., London Branch acting as information and tender agent.