White & Case Advises Bank Group on Côte d'Ivoire's €1 Billion Bond Issuance and Tender Offer

Global law firm White & Case LLP advised BNP Paribas, J.P. Morgan Securities plc and Standard Chartered Bank, as Joint Lead Managers and Bookrunners, on Côte d'Ivoire's €1 billion 144A/Reg S bond offering and on its tender offer to purchase several series of existing bonds.

The issue is the first emerging market international bond issue from a sub-Saharan sovereign since the start of the coronavirus pandemic.

The 4.875% bond maturing in 2032 will be repaid in three instalments on January 30, 2030, January 30, 2031 and January 30, 2032. Most of the net proceeds of the issuance were used to finance Côte d'Ivoire's acquisition of part of its Eurobonds due 2025, Eurobonds due 2028 and Eurobonds due 2032 in the concurrent tender offer, and a partial redemption call on its Eurobonds due 2032, with the balance to be used to finance various investments in the state budget.

White & Case also advised the underwriters on Côte d'Ivoire's 2019 tender offer and dual-tranche €1.7 billion bond issue, in 2018 on its tender offer and dual-tranche bond issue in the aggregate amount of €1.7 billion, and in 2017 on its tender offer and dual-tranche bond issue in the aggregate amount of €625 million and US$1.2 billion. 

The White & Case team which advised on the transaction was led by partners Cenzi Gargaro and Max Turner (both Paris), and included partner Ray Simon (New York), counsel Olga Fedosova (Paris) and associate Alice Chavaillard (Paris).

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