Sodali & Co implements US$13bn Sovereign External Debt Restructuring for Republic of Ghana

Following recent successes on the sovereign debt restructurings work for Ukraine and Zambia, Sodali & Co are delighted to have supported Ghana in completing the restructuring of its US$13 billion external sovereign bonds. 

Our Global Debt Services Team assisted in the role of Information, Tabulation, and Exchange Agent, working in tandem with Lazard and Hogan Lovells as advisors to Ghana, and Bank of America and Standard Chartered as Dealer Managers.

Damian Watkin, Senior Managing Director, Global Debt Services, said: “We are proud to have helped another sovereign client to achieve its important refinancing goals. By implementing such a large-scale and complex transaction, our team clearly demonstrated its expertise, cementing its position as the market leader in sovereign debt restructurings”. 

The complex restructuring process involved arranging mechanics to allow for the use of CACs (collective action clauses) as well as separate processes for bondholders to vote a series of three meetings, held in London. The Sodali & Co team received and processed over 6,000 bondholder instructions in the process, resulting in a 98% participation rate from the existing bonds.

At the meetings, Sodali & Co representatives cast the votes which gave effect to the successful completion of the whole transaction. As a result, bondholders exchanged fifteen series of external sovereign bonds and could select from a menu of either ‘Par Bonds’ or ‘Discounted Bonds’. On the settlement date, Sodali & Co helped to settle all the new bonds with a face value of c.US$9.4 billion. 

Learn more about our Global Debt Services offering and restructuring expertise.