Ivory Coast to launch debt deal soon: London Club


The Ivory Coast is poised to launch an exchange on €2.2 billion ($3 billion) of debt that it hopes to close in early April, the London Club of commercial creditors said in a statement.

It said the swap would take place after the end of an International Monetary Fund and World Bank mission to Abidjan that started on March 4.

The debt is being restructured through an exchange of six defaulted Brady bonds for one US dollar-denominated bond with a term of 23 years.

The exchange was due to take place by March 31 but London Club Ivory Coast committee head Thierry Desjardins said last month that the dissolution of Ivory Coast’s government could delay the deal.

Ivory Coast’s opposition last week said it would join the new government and call off violent protests.

Both sides had been working diligently since September 2009 with a view to launching the exchange offer soon, Desjardins said in Friday’s statement.

Pic: IMF logo

Source: www.af.reuters.com