Senegal hires adviser Sodali to seek out bondholders

By Reuters News

DAKAR, Sept 28 (Reuters) - Senegal has hired advisory firm Sodali & Co to help identify its international bondholders, as it starts the process of trying to restructure billions of dollars of its public debt.

The West African nation announced a debt "treatment" plan earlier this month, two years after President Bassirou Diomaye Faye's administration revealed that its debt had been substantially understated by the previous government.

A document provided to media on Monday, and signed by finance minister Cheikh Diba, showed Senegal had hired Sodali as part of its effort to identify bondholders and "facilitate communications" with them.

"Any information gathered through this process will be kept strictly confidential for use by the Republic and its advisers," the document added.

The list of bonds attached to the document includes euro- and dollar-denominated debt maturing in March 2028, June 2031, May 2033, June 2037 and March 2048.

A creditor group of at least eight international bondholders has already formed and has hired White & Case as its legal adviser.

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