White & Case advises banks on Republic of Côte d'Ivoire's US$2.1 billion bond issuances and tender offer, including inaugural issuance in West African CFA francs

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$2.1 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 was for a principal amount of US$1.75 billion, with an annual coupon of 8.075% maturing in 2036. The second tranche was in West African CFA francs (CFAF) for a principal amount of CFAF220 billion (approximately €335 million), with an annual coupon of 6.875% maturing in 2028. The 2028 bonds are the first-ever CFAF-denominated bonds issued by a sovereign on the international markets.

The net proceeds of both tranches will be used to finance the purchase by Côte d'Ivoire of part of its Eurobonds due 2028 and Eurobonds due 2032 and for general budgetary purposes, including early repayment of existing indebtedness of the Republic under its financing arrangements.

White & Case has advised the underwriters on the Republic of Côte d'Ivoire's bond issuances and tender offers for almost ten year, most recently advising on the US$1.1 billion inaugural sustainability and US$1.5 billion vanilla bond issuances and tender offer in 2024.

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 Neil Clausen (Houston) and associates Charlotte Wright, Romain Bruno (both Paris) and Kealan Hannes (Houston).

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