Gabon expects to raise USD750m of new cash through 2024 bond

Thu Dec 5, 2013 5:43am EST

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LONDON, Dec 5 (IFR) - The Gabonese Republic expects to raise USD750m of new cash through its upcoming issue of a 2024 amortising bond, according to one of the lead managers.

Holders of the sovereign's outstanding 8.2% 2017 Eurobond have delivered approximately USD610m into the new 2024 notes as a result of the tender and exchange offer the sovereign launched last week.

Gabon, rated BB-/BB-, set initial yield guidance of 6.5% area plus or minus 12.5bp on the new issue on Wednesday .

Citigroup, Deutsche Bank and Standard Chartered are the lead managers on the 144A/Reg S transaction, which is expected to price on Thursday. (Reporting by Davide Scigliuzzo; Editing by Philip Wright)

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