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CORRECTED-Lebanon launches liability management on 2014 bonds
April 2, 2014 / 2:46 PM / 4 years ago

CORRECTED-Lebanon launches liability management on 2014 bonds

(Corrects due dates of 2014 bonds)

By Davide Scigliuzzo

LONDON, April 2 (IFR) - The Lebanese Republic has launched a liability management operation to refinance upcoming bond repayments and lengthen the maturity profile of its debt, according to a bourse filing.

The sovereign, rated B1/B-/B, is offering to exchange its outstanding US$881.6m 9% note due May 2014 for a new Eurobond due April 2020 and/or an increase of its existing 6.6% November 2026 paper.

It also plans to issue new bonds in order to refinance its US$676.9m 7.375% note due in April 2014.

The May 2014s will be exchanged at a price of 100.442.

Reporting by Davide Scigliuzzo; Editing by Alex Chambers

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