Republic of Congo Eurobond Trustee Said to Announce Coupon Payment

BRAZZAVILLE (Capital Markets in Africa) – Delaware Trust, Eurobond trustee for the Republic of Congo, issued statement Aug. 29 that $21 million of overdue principal and interest payments will be transferred to investors soon, according to two people familiar with the matter.

People asked not to be named as they were not authorized to speak publicly. The statement said that Commissions Import Export, a contractor claiming it’s owed money from Republic of Congo’s government, has dismissed its attempt to block the bond payments through the United States District Court for the Southern District of New York, according to the people. Congo’s $363 million bond due in June 2029 rises 3.5 cents to 74.9 cents on the dollar as of 10:16 a.m. in London, the highest since July 11. Delaware Trust didn’t respond to an email requesting comment; a lawyer at Bryan Cave representing Delaware didn’t answer a call or immediately respond to an email requesting comment.

Source: Bloomberg Business News