Republic of Senegal’s $1.1 Billion Sovereign Bond Offering and $150 Million Loan

Cleary Gottlieb represented the Republic of Senegal in an international sovereign bond offering of $1.1 billion 6.250 percent amortizing notes due 2033 and a related $150 million bridge-to-bond loan.

The offering priced on May 16, 2017, and closed on May 23, 2017. Proceeds will be used to repay a bridge loan granted by Citibank and Standard Chartered Bank in April 2017 and to finance certain public investment projects pertaining to the Republic’s development plan, “Plan Sénégal Emergent,” which was launched in 2014 by President Macky Sall.

The notes were issued to investors in the U.S. pursuant to Rule 144A and outside of the United States pursuant to Regulation S, and were admitted to trading on the Main Securities Market of the Irish Stock Exchange. With a final maturity of 16 years, the issuance marks the longest maturity debt instrument ever issued by a sub-Saharan African sovereign other than South Africa.