Gabon completed mainland Africa’s first-ever “debt-for-nature swap” Tuesday, refinancing $500 million of its debt and earmarking $163 million in savings for marine conservation, the latest in a burgeoning list of “blue bond” deals.
In their place, Gabon issued a $500 million blue bond which matures in 2038.
The coupon on the new blue bond was priced at 6.097%, lower than the coupons on the repaid bonds which were between 6.625%-7%.
TNC says its blue bond deals have provided $400 million toward conservation efforts.
Bank of America, which served as sole initial purchaser, structuring agent and bookrunner on the Gabon deal, declined to reveal its transaction fees.
Persons:
Gabon’s, Bond, ”, Ali Bongo Ondimba, TNC wasn’t, Scott Nathan, TNC, Will Horner
Organizations:
—, Sustainable Business, Moody’s Investors Service, U.S . International Development Finance Corporation, Conservancy, Greenpeace, Bank of America
Locations:
Gabon, Africa, U.S, Belize, Seychelles, Barbados, Ecuador, Galápagos, william.horner