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The Republic of Benin – Tender Offer 2024 (XS) - Launch

The Republic of Benin Announces an Invitation to Purchase for Cash its 5.750% Amortizing Notes due 2026 and its 4.875% Amortizing Notes due 2032 - XS1963478018 - XS1963477556 - XS2278994418 - XS2278994681

28 FEBRUARY 2024


Full announcement, including disclaimers and offer/distribution restrictions, available via Euronext


Invitation to Purchase the Republic’s Existing Notes
The Republic announces today its invitation to eligible holders (the “Noteholders”) of its outstanding €500,000,000 5.75% Amortizing Notes due 2026 (Reg. S ISIN XS1963478018, Reg. S Common Code 196347801; Rule 144A ISIN XS1963477556, Rule 144A Common Code 196347755, the “2026 Notes”) to purchase for cash, upon the terms and subject to the conditions set forth in the tender offer memorandum dated February 28, 2024 (the “Tender Offer Memorandum”), any and all of its outstanding 2026 Notes (the “Any and All Offer”).

In addition, the Republic announces that it has launched an invitation to Noteholders of its outstanding €700,000,000 4.875% Amortizing Notes due 2032 (Reg. S ISIN: XS2278994418; Reg. S Common Code: 227899441; Rule 144A ISIN: XS2278994681; Rule 144A Common Code: 227899468) (the “2032 Notes” and, together with the 2026 Notes, the “Existing Notes”) to purchase for cash, on the terms and subject to the conditions set forth in the Tender Offer Memorandum, up to the 2032 Notes Tender Cap (as defined herein) (the “Capped Offer” and, together with the Any and All Offer, the “Offers”, and each, an “Offer”). The “2032 Notes Tender Cap” is the maximum aggregate 2032 Notes Purchase Price (as defined below) payable for the 2032 Notes validly tendered and accepted for purchase by the Republic in the Capped Offer, which is an amount equal to U.S.$250,000,000 less the aggregate 2026 Notes Purchase Price (as defined herein) paid in consideration of the aggregate principal amount of 2026 Notes validly tendered and accepted for purchase in the Any and All Offer, excluding in the case of each Offer any Accrued Interest on each series of Existing Notes. For these purposes, the Euro-equivalent of U.S.$250,000,000 shall be calculated at the U.S.$ FX Rate.


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Summary of the Offer



The Republic is making the Offers as part of its proactive debt management strategy.


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