White & Case advises banks on Republic of Côte d'Ivoire's US$1.1 billion inaugural sustainability and US$1.5 billion vanilla bonds issuances and tender offer

Global law firm White & Case LLP has advised BNP Paribas, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, J.P. Morgan Securities plc, Société Générale and Standard Chartered Bank, as joint lead managers and dealer managers, on the Republic of Côte d'Ivoire's US$2.6 billion dual tranche 144A/Reg S bond offering and on the Republic's tender offer to purchase two series of its existing bonds.

The first tranche is an inaugural sustainability bond for a principal amount of US$1.1 billion with an annual coupon of 7.625% maturing in 2033 (the Sustainability Bond). The second tranche is a vanilla bond for a principal amount of US$1.5 billion with an annual coupon of 8.250% maturing in 2037. The 2033 bonds will be repaid in two instalments on January 30, 2032, and January 30, 2033. The 2037 bonds will be repaid in two instalments on January 30, 2036 and January 30, 2037.

The net proceeds of both tranches will be used to finance the purchase by Côte d'Ivoire of part of its Eurobonds due 2025 and Eurobonds due 2032 in the tender offer and for general budgetary purposes, including early repayment of existing indebtedness of the Republic under its financing arrangements. The amount equal to the net proceeds from the Sustainability Bond will be used for the Republic's eligible projects under its 2023 Sustainable Framework which is in line with the International Capital Market Association's Sustainability Bond Guidelines 2021, Green Bond Principles 2021 and Social Bond Principles 2023.

White & Case previously advised the underwriters in 2020 and 2021 on the Republic of Côte d'Ivoire's €1.85 billion dual tranche issues and tender offer, in 2019 on the Republic of Côte d'Ivoire's €1.7 billion dual tranche issue and tender offer, in 2018 on the Republic of Côte d'Ivoire's €1.7 billion issue and in 2017 on its tender offer and dual tranche bond issue for the aggregate amount of US$875 million.

The White & Case team in Paris which advised on the transaction was led by partners Olga Fedosova and Max Turner (both Paris) and included partner Chad McCormick (Houston) and associates Charlotte Wright, Dariya Babyak (both Paris) and Grayson Weeks (New York).

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