The Republic of Benin in €1 Billion Sovereign Bond Offering and Concurrent Tender Offer

Cleary Gottlieb represented the Republic of Benin in an international sovereign bond offering of €700 million 4.875% amortising notes due 2032 and €300 million 6.875% amortising notes due 2052.

The offering, which was made in the U.S. under Rule 144A and outside the U.S. in reliance on Regulation S, priced on January 12, 2021, and closed on January 19, 2021. The notes have been admitted to trading on the Regulated Market of Euronext Dublin.

Concurrently with the bond offering, the Republic of Benin made a tender to purchase any and all of its outstanding €500 million 5.75% amortizing notes due 2026. Tenders were made and accepted in an aggregate amount of €323.64 million and were settled on January 20, 2021.

The net proceeds of these transactions will be used to finance 2021 budget needs, as well as the Republic of Benin’s government action program priority projects in infrastructure, digital economy, electricity, and improvement of living conditions.