May 10, 2018 / 1:12 PM / 2 months ago

Ghana revises pricing for US dollar dual-tranche offering

LONDON, May 10 (IFR) - Ghana has revised pricing for a US dollar dual-tranche offering comprising amortising bonds with 10 and 30-year average lives, according to a lead.

The African sovereign has set guidance for the May 2029 bond at 7.75%-7.875%. The notes were first marketed in the low 8% area yield.

Ghana has revised pricing for the May 2049 tranche to 8.75%-8.875% from the initial low 9% area.

Total books have passed US$5.5bn, evenly split between the two tranches.

The 144A/Reg S deal is today’s business via Bank of America Merrill Lynch, Citigroup, JP Morgan and Standard Chartered.

Ghana is rated B3/B-/B.

The deal follows a tender offer for its 2022 and 2023 bonds. Ghana announced on Wednesday that it has received valid tenders of just over US$702m for its US$750m 9.25% 2022 notes.

Ghana, however, terminated the invitation to holders of its 2023s and will not accept for purchase any of the bonds. (Reporting by Alice Gledhill, editing by Julian Baker)

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