Republic of Senegal in €775 Million Sovereign Bond Offering and Concurrent Cash Tender Offers

Cleary Gottlieb represented the Republic of Senegal in an international sovereign bond offering of €775 million 5.375% amortizing notes due 2037.

The offering, which was made in the U.S. under Rule 144A and outside the U.S. in reliance on Regulation S, priced on June 2, 2021, and closed on June 8, 2021. The notes have been admitted to trading on the Regulated Market of the London Stock Exchange.

Concurrently with the bond offering, the Republic of Senegal made a tender to purchase its outstanding $500 million 6.25% notes due 2024. Tenders were made and accepted in an aggregate amount of $343.06 million and were settled on June 9, 2021.

As a result of the redemption of 2024 notes pursuant to the tender offer, the Republic terminated certain guaranteed and non-guaranteed cross-currency rate swap contracts entered into between the Republic and several hedging banks in connection with the 2024 notes.

The net proceeds of the bond offering will be used to finance the purchase by the Republic of Senegal of the final aggregate principal amount of the 2024 notes agreed to be purchased pursuant to the tender offer, finance any termination costs payable to the hedge providers in connection with the early unwinding of the swaps resulting from the implementation of the tender offer, and finance projects primarily related to infrastructure, transport services, energy sector, and sanitation included in the Finance Law for 2021.