Global law firm White & Case LLP has advised BNP PARIBAS, HSBC Bank plc, J.P. Morgan Securities plc, SMBC Bank International plc and Société Générale, as joint lead managers and placement agents, on the 144A/Reg S offering by Banque Ouest Africaine de Développement (BOAD) of US$500 million hybrid sustainable 8.2% notes due 2055, with a five-year non-call period.
The inaugural public hybrid bond issuance enables BOAD to surpass its target of US$600 million in hybrid bonds and reach 95 percent of its capital increase target to strengthen its equity under the Djoliba Strategic Plan. The funds raised will be allocated to financing or refinancing eligible green and social projects under BOAD’s sustainable bond framework, thereby reinforcing its commitment to climate action and social progress in the West African Economic and Monetary Union region.
The transaction generated strong interest from a variety of investors, with the order book reaching a peak of US$1.9 billion, representing a 3.8 times oversubscription rate.
White & Case previously advised the banks on BOAD’s bond issuances in 2016, 2017, 2019 and 2021.
Created in 1973, BOAD is the common development finance institution of the member states of the West African Monetary Union.
The White & Case team which advised on the transaction was led by partners Olga Fedosova and Max Turner (both Paris) and included partners Grégoire Karila (Paris), Ingrid York (London) and Neil Clausen (Houston) and associates Charles Linel, Charlotte Wright, Romain Bruno, Eva Brunelli Brondex (all Paris) and Thor Fielland (Houston).
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Read the orginal article: https://www.whitecase.com/news/press-release/white-case-advises-banks-banque-ouest-africaine-de-developpements-us500-million
