The Republic Senegal in $300 Million Bond Tap Issuance

Cleary Gottlieb represented the Republic of Senegal (Senegal) in an international sovereign bond offering of $300 million 7.75% amortizing notes due 2031.

The notes constitute a further issuance of, and were consolidated to form a single series with, Senegal’s outstanding 7.75% amortizing notes due 2031, issued on June 10, 2024.

The offering was made through a private placement outside the U.S. in reliance on Regulation S only priced on October 31, 2024, and closed on November 5, 2024. The notes have been admitted to trading on the International Securities Market of the London Stock Exchange.

Concurrently with the offerings, Senegal also entered into a EUR/USD cross-currency swap in connection with its payment obligations under the notes.

The net proceeds of the transactions will be used for general budget purposes in accordance with Senegal’s finance laws.

For more information, please see the press release here.