23 November 2015
Clifford Chance advises Société Générale and Standard Chartered Bank on the $750 million inaugural offering of 9.50% amortising notes due 2025 by the Republic of Cameroon
Clifford Chance has advised Société Générale and Standard Chartered Bank in connection with the $750 million inaugural offering of 9.50% notes due 2025 by the Republic of Cameroon.
This transaction is intended to enable the Republic of Cameroon to finance development projects and, in particular, the repayment in full of the SONARA bridge loan, the partial financing of the three-year emergency plan and certain long-term investment projects identified in the 2015 budget.
The Clifford Chance team consisted of, in Paris, Alex Bafi, US securities partner, assisted by Andrew McCann, senior associate, and, in London, David Dunnigan, partner, assisted by Peter Pears, senior associate.
This transaction is the second African sovereign offering on which our Paris based US securities team has acted in 2015, having advised the joint lead managers in respect of the issuance of $500 million 6.950% notes due 2025 by the Republic of Gabon in June 2015. It is one of a number of transactions on which our Paris based US securities team, working closely with our global equity capital markets team, has advised, including more than $12 billion in securities offerings since January 2015:
- Credit Suisse on Eurocastle Investments' €300 million equity offering and Euronext Amsterdam listing;
- OCP S.A. on its US$1 billion offering of 4.50% Notes due 2025, underwritten by Barclays and Morgan Stanley;
- Group Bolloré on its €600 million sale of Havas shares, (BNP Paribas, CM-CIC, Crédit Agricole Corporate and Investment Bank, Mediobanca, Natixis and Société Générale);
- Caisse d'Amortissement de la Dette Sociale in connection with its €65 billion Global Medium Term Note Programme, its US$3.5 billion offering of 1.875% Notes due 2022, underwritten by Barclays Bank, BNP Paribas, Morgan Stanley and RBS, and its US$5 billion offering of 1.250 % Notes due 2018, underwritten by Citigroup, Deutsche Bank, J.P. Morgan Securities and Société Générale
- Citi, Bank of America Merrill Lynch and Société Générale on the €450 million IPO and listing on the Madrid Stock Exchange of Saeta Yield; and
- Nicox S.A. on its private placement of shares.