Lebanon exchanges US$318.34m of 2016 bonds for new debt
By Michael Turner
LONDON, Oct 30 (IFR) - The Republic of Lebanon has exchanged US$318.336m of an outstanding US$750m 8.50% 2016 bond for new debt that comes due in 2024 and 2028, according to a lead.
Lebanon launched a triple-tranche deal on Friday afternoon made up of 2024, 2028 and 2035 maturities.
The US$500m 2024 bonds will therefore be made up of US$100.753m of exchanged notes, and the rest in new money.
Meanwhile, the US$500m 2028 bonds will be made up of US$217.583m of exchanged bonds, with the rest new money.
The bonds will be exchanged on a par-for-par basis.
Lebanon's US$600m 2035 bonds are not part of the exchange offer.
Citigroup, Fransabank, Societe Generale de Banque au Liban and Standard Chartered ran the exchange and new bond issuance.
Lebanon is rated B2 by Moody's, B- by Standard & Poor's and B by Fitch.
(Reporting by Michael Turner; editing by Sudip Roy)
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