Bond loan Gabon 2019

Loan characteristics

IssuerGabonese state
DenominationEOG 6.25% Net 2019-2024
Nature of operationBond Loan by public offering
Operation objectPartial financing of the development projects written in the finance law 2019 of the state
Issued amount100 000 000 000 FCFA
Nominal value10 000 FCFA
Issue priceAt par
Number of security10 000 000 bonds
Minimal subscription50 (fifty) debt securities
Securities formThe debts securities will dematerialized, inscribed in account to the central depositary of BEAC and kept in the books of account holders approved by COSUMAF
Means of paymentClose to the anniversary dates, the leader and the central depositary will send an e-mail reminder to the issue. The mail is question precises the global amount of the maturity (interests and/or capital), as well as its ventilation by brokerage firms in charge of the custody of securities. In so doing, the issuer will order BEAC to proceed to the payment of the maturity (interests and/or capital), by debited of the bloked bank account to the benefit of brokerage firms and account keepers.
Safety mechanismA blocked account entitled “ special deposit – amortization of the bond issue by the Gabonese state EOG 6.25% Net 2019-2024 will be opened at BEAC. This account will be exclusively for the repayment of the bond issue subscribers “ EOG 6.25% Net 2019-2024”
The blocked account will be supplied every 30th of each month or the following working day after this date, from the next month following the laon closing by an irrevocable, unique monthly debit bank account, representing 1/12 (twelfith) of the loan payable figuring on the amortizing schedule by direct debit from unique account of the Gabonese treasury, in its books.
To this end, the minister of Economic, Finance and National Solidarities, will give irrevocable instruction to BEAC so as to debit the CUT for the benefit of the blocked account considering the conditions quoted above. This blocked account will record debit transactions only in favor of brokerage firms approved by COSUMAF for payments deadline (interests and/or capital) of bond issue “EOG 6.25% Net 2019-2024”.
Stock exchangeThe securities issued from this issuance will undergo a quotation to BVMAC in 3 months time following the end of the subscribing period. The total volume of the subscribed securities to BVMAC will correspond to all subscriptions definitively allocated to the agents, the underwriting included.
AssimilationThe securities, issued from this issuance are not assimilable
Eligibilty to refinancingThe securities issued will be admitted in the refinancing towards BEAC according to the terms provided by BEAC.
Loan duration05 (five) years
Subscribing periodThe subscribing period is set from the 20th September to October the 2nd 2019. However, this period can be modified if need be provided the prior approval of COSUMAF
IssuerGabonese State
Commencement dateThe commencement date of the retained securities is set days, working day following the closure of the operation
Deferred periodOne year over the capital repayment
Interests rateThe nominal interests rate is of 6.25% Net per year
Eligible peopleAll natural and legal, person resident or not-resident of CEMAC
TaxThe interests related to these obligation are exempt of the tax on investment income in the countries members of CEMAC zone. The subscriber out of CEMAC will have to submit the income of the bond loan to the tax legislation in place in their countries of residence.
Interests paymentThe interests will be paid annually from the first anniversary date of the vesting of securities.
Repayment of capitalThe repayment of capital will be linear after one year deferred. That is to say ¼ of the capital each year for 4 (four) years.
Rapatriation of investment productsAll the investment product rapatriation will be done as part of the repayment of loans contracted by the Gabonese State among investors non residents of CEMAC, will be freely done in accordance with the exchange regulations in place.
Purchase clauseThe Gabonese State reserves the right to redeem its securities on the secondary market from the end of the second year. These redemptions will be inconsequential for an investor who desires to keep his securities up to maturity and will have no effect on the initial amortization schedule. This way the Bond repurchased will be cancelled.
Issuance methodIn accordance with article 7 of arranger mandate and the leader, this issuance is the subject of an underwriting which minimum amount is 60 billion CFA franc.
The amount of the underwriting should be released by 72 hours following the opening of the subscription period.

Bond redemption terms

The annual interest payment and capital will be done according to the amortization table below.

Maturity dateCapital at the beginning of the periodPrincipalInterestAnnuitiesCapital at the end of the period
2020100 000 000 0006 250 000 0006 250 000 000100 000 000 000
2021100 000 000 00025 000 000 0006 250 000 00031 250 000 00075 000 000 000
202275 000 000 00025 000 000 0004 687 500 00029 687 500 00050 000 000 000
202350 000 000 00025 000 000 0003 125 000 00028 125 000 00025 000 000 000
202425 000 000 00025 000 000 0001 562 500 00026 562 500 000
TOTAL100 000 000 00021 875 000 000121 875 000 000

Agents placeurs

Les souscriptions seront reçues aux guichets des Agents Placeurs. La participation de ces intermédiaires est confirmée par la signature du contrat de placement.