Côte d’Ivoire in $1.75 Billion and XOF220 Billion Offering and Concurrent Cash Tender Offers

Cleary Gottlieb represented the Republic of Côte d’Ivoire (Côte d’Ivoire) in an international dual-tranche sovereign bond offering, including $1.75 billion 8.075% amortizing notes due 2036 and an inaugural local currency issuance of XOF220 billion 6.875% notes due 2028.

The offering, which was made in the U.S. under Rule 144A and outside the U.S. in reliance on Regulation S, priced on March 25, 2025 for the 2036 notes and on March 26, 2025 for the 2028 notes, and closed on April 1, 2025. The notes have been admitted to trading on the Main Market of the London Stock Exchange (LSE).

Concurrently with the bond offering, Côte d’Ivoire tendered for cash consideration of up to $300 million for its outstanding U.S. dollar-denominated 6.375% amortizing notes due 2028 and up to $400 million for its outstanding euro-denominated 4.875% amortizing notes due 2032. Tenders were made and accepted in an amount of $293.89 million for the 2028 notes and €411.66 million for the 2032 notes and were settled on April 8, 2025.

Côte d’Ivoire also entered into a series of EUR/USD cross-currency swaps in connection with its payment obligations under the 2036 notes following a competitive process with potential hedge counterparties.

The net proceeds of the transactions will be used to finance investments under Côte d’Ivoire’s budget, including the 2021-2025 National Development Plan’s priority structural projects aimed at an increase in agricultural output, promotion of the manufacturing sector, and improvement in the standard of living, particularly through investments in the sectors of education, health, infrastructures, trade, and culture, and to further manage the debt profile of Côte d’Ivoire.

For more information, please see the press release.