LONDON, Oct 27 (IFR) - Lebanon has announced a minimum yield of 6.20% for a new US dollar November 2024 bond and 6.60% for a new November 2028 note, according to a regulatory filing.
The new notes are part of a voluntary exchange for any or all of its US$750m 8.5% January 2016s.
The new 2028 transaction will have a US$600m maximum size and will be prioritised in the exchange. If the Republic receives offers in excess of US$600m, investors will receive a pro rata portion of the 2028s and can elect to receive the remainder in 2024 notes.
The Republic has said it also intends to offer additional notes for cash alongside the exchange offer.
The sovereign is looking to tempt investors into the exchange by offering to swap the outstanding debt at a 101.31 cash price. That is a premium to the 100.935 price of that bond on Friday, according to Tradeweb.
Lebanon has hired Citigroup, Fransabank, Societe Generale de Banque au Liban and Standard Chartered to arrange the two Reg S transactions. (Reporting by Sudip Roy, editing by Julian Baker)