Deals & Disputes

Gide on the first issue of private green bonds in French-speaking West and Central Africa

The first private green bonds issue in French-speaking West and Central Africa could pave the way for further issues in the region.

The eight-year green bonds were issued on Thursday 12 August 2021 with a yield of 7.5%, by Emergence Plaza, owner of Cosmos Yopougon, the most visited retail complex in Côte d’Ivoire. Proceeds of the CFA 10-billion (USD 18.1 million) bond will be used to refinance a loan with a local bank and to support the company’s future projects by strengthening its financial and operational solidity. The bond, which was over-subscribed, was listed at 150 basis points, below the 9% interest rate it was paying on an existing CFA 8.4 billion bank loan.

Gide was legal counsel on the operation, with a team comprising partner Nicolas Jean, working with counsel Bastien Raisse and associate Perrine Delandre.

SGI Hudson & Cie was in charge of structuring and investing the issue.

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