Ivory Coast to issue $2.4 bln new bonds for debt swap
LONDON (Reuters) - Ivory Coast said on Friday it expects to issue an aggregate $2.38 billion in new bonds in exchange for six existing defaulted bonds.
The offer, which will close on April 16, saw over 99 percent participation rate for each bond.
Ivory Coast, the world's top cocoa producer, is carrying out the exchange of old debt totalling around 2.2 billion euros and issuing a new U.S. dollar bond due 2032.
The new debt will be issued at a ratio of $800 for every $1,000 tendered.
JPMorgan is dealer manager for the exchange offer and Citibank is tabulation and exchange agent. Lazard is adviser to Ivory Coast's government.
Ivory Coast's debt exchange is part of the Heavily Indebted Poor Countries initiative, managed by the IMF and World Bank, which aims to write off the debts of some of the world's poorest countries.
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