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Lebanon announces managers for Eurobonds exchange

BEIRUT: Lebanon said it had “in principle” chosen Deutsche Bank, Byblos and Bank Audi to manage an exchange offer of May 2014 Eurobonds and the rollover of April 2014 notes worth a combined $1.6 billion.

Finance Minister Ali Hasan Khalil told reporters that Lebanon was seeking to rollover $771 million of bonds that expire on April 14, and exchange $882 million of May 2014 bonds.

“The bond maturities will vary between six and 12 years. The $771 million will be covered with new notes and $882 million [will be] exchange,” he said. “The offer will be launched on March 31” and will close by April 11.

Lebanon’s total debt stood at $63.48 billion at the end of 2013, a 10 percent increase from the previous year, the minister said.

 
A version of this article appeared in the print edition of The Daily Star on March 14, 2014, on page 5.

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