NEW YORK (Reuters) – Ivory Coast, currently in arrears with bondholders over a $2.3 billion Eurobond, said in a statement dated October 15 that it wants to meet with investors to discuss missed interest payments.
In a press release distributed on Tuesday by EMTA, the trade association for the emerging markets debt trading and investment industry, Ivory Coast said it will meet with investors in London on October 22 and in New York on October 24.
The government said the informational meetings are in connection with the “Republic’s upcoming consent solicitation” regarding the bond in arrears due 2032. The bond was launched in April 2010 to repackage defaulted Brady bond debt.
“The purpose of the solicitation will be to seek consents of holders of its U.S. Dollar Denominated Step-Up bonds due 2032 to certain waivers and amendments of the indenture under which the bonds were issued. These waivers and amendments would relate, in particular, to resolving interest arrears on the bonds,” the statement said.
The world’s top cocoa producer, Ivory Coast said it expects to launch the consent solicitation before the first meeting in London.
Located on Africa’s west coast, the nation fell into a four-month civil war following a disputed presidential election in late 2010 that killed more than 3,000 people and shuttered the country’s ports for months.
As a result, the country missed coupon payments, although it has made good faith payments to address some of its arrears.
In August, the government sold a 60 billion CFA franc five-year bond to raise funds for infrastructure projects was oversubscribed.
On October 2, the government said economic growth will likely grow 9 percent in 2013 from 8.6 percent this year. Gross domestic product (GDP) was previously expected to grow by 8.1 percent in 2012.
Lazard & Co is the government’s banking adviser while DF King Worldwide is acting as the information, identification, solicitation and tabulation agent for the consent solicitation.
