[Federal Register Volume 60, Number 116 (Friday, June 16, 1995)]
[Notices]
[Pages 31733-31734]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14866]
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INTERNATIONAL DEVELOPMENT COOPERATION AGENCY
Agency for International Development
Housing Guaranty Program; Notice of Investment Opportunity
The U.S. Agency for International Development (USAID) has
authorized the guaranty of a loan to the Government of Tunisia
(``Borrower'') as part of USAID's development assistance program. The
proceeds of this loan will be used to finance environmental
infrastructure and services for the benefit of low-income families in
Tunisia. At this time, the Government of Tunisia has authorized USAID
to request proposals from eligible lenders for a loan under this
program of $17 Million U.S. Dollars (US$17,000,000). The name and
address of the Borrower's representative to be contacted by interested
U.S. lenders or investment bankers, the amount of the loan and project
numbers are indicated below:
Government of Tunisia
Project Nos: (1) 664-HG-004D--(2) 664-HG-V
Amount: US$17,000,000
Housing Guaranty Loan No.:
664-HG-009 B01 (tranche A-$2,000,000)
664-HG-10 A01 (tranche B-$5,000,000)
664-HG-11 B01 (tranche C-$10,000,000)
Attention: Mr. Said MRABAT, Directeur General des Finances Exterieures,
Banque Centrale de Tunisie, Tunis, Tunisia
Telex Nos.: BANCENT 15375, 13311, 13308
Telefax No.: 216-1-340-615 (preferred communication)
Telephone Nos.: 216-1-351-813, 254-000
Interested lenders should contact the Borrower as soon as possible
and indicate their interest in providing financing for the Housing
Guaranty Program. Interested lenders should submit their bids to the
Borrower's representative by Tuesday, June 27, 1995, 12:00 noon Eastern
Daylight Savings Time. Bids should be open for a period of 48 hours
from the bid closing date. Copies of all bids should be simultaneously
sent to the following:
Mr. Lane Smith or Ms. Monia Ben Khalifa, Regional Housing and Urban
Development Office, USAID/NENA, USAID/Tunisia, c/o American Embassy,
Tunis, Tunisia. (Street address: 144, Avenue de la Liberte, Tunis,
Tunisia); Telex No.: 14182
[[Page 31734]]
USAID TN; Telefax No.: 216-1-783-350 (preferred communication);
Telephone No.: 216-1-784-300.
Mr. Charles Billand, Assistant Director, Mr. Peter Pirnie, Financial
Advisor. Address: U.S. Agency for International Development, Office of
Environment and Urban Programs, G/ENV/UP, Room 409, SA-18, Washington,
D.C. 205023-1822. Telex No.: 892703 AID WSA; Telefax No.: 703/875-4384
or 875-4639 (preferred communication); Telephone No.: 703/875-4300 or
875-4510.
For your information the Borrower is currently considering the
following terms:
(1) Amount: U.S. $17 million.
(2) Term: 30 years.
(3) Grace Period: Ten years grace on repayment of principal.
(During grace period, semi-annual payments of interest only). If
variable interest rate, repayment of principal to amortize in equal,
semi-annual installments over the remaining 20-year life of the loan.
If fixed interest rate, semi-annual level payments of principal and
interest over the remaining 20-year life of the loan.
(4) Interest Rate: Alternatives of fixed, variable rates and
variable rates with ``caps'' are requested.
(a) Fixed Interest Rate: If rates are to be quoted based on a
spread over an index, the lender should use as its index a long bond,
specifically the 7\5/8\% U.S. Treasury Bond due February 15, 2025. Such
rate is to be set at the time of acceptance.
(b) Variable Interest Rate: To be based on the six-month British
Bankers Association LIBOR, preferably with terms relating to Borrower's
right to convert to fixed. The rate should be adjusted weekly.
(c) Variable Interest Rate with ``Caps'': Offers should include a
maximum (cap) rate ranging from 10% to 12% per annum, and are to be
based on the six month British Bankers Association LIBOR. The rate
should be adjusted weekly.
(5) Prepayment: (a) Offers should include any options for
prepayment and mention prepayment premiums, if any.
(b) Federal statutes governing the activities of USAID require that
the proceeds of USAID-guaranteed loans be used to provide affordable
shelter and related infrastructure and services to below median-income
families. In the extraordinary event that the Borrower materially
breaches its obligation to comply with this requirement, USAID reserves
the right, among its other rights and remedies, to accelerate the loan.
(6) Fees: Offers should specify the placement fees and other
expenses, including USAID fees, Paying and Transfer Agent fees, and out
of pocket expenses, etc. Lenders are requested to include all legal
fees in their placement fee. Such fees and expenses shall be payable at
closing from the proceeds of the loan.
(7) Closing Date: Not to exceed 60 days from date of selection of
lender.
Selection of investment bankers and/or lenders and the terms of the
loan are initially subject to the individual discretion of the
Borrower, and hereafter, subject to certain conditions required of the
Borrower by USAID as set forth in agreement between USAID and the
Borrower.
The full repayment of the loans will be guaranteed by USAID. The
USAID guaranty will be backed by the full faith and credit of the
United States of America and will be issued pursuant to authority in
Section 222 of the Foreign Assistance Act of 1961, as amended (the
``Act'').
Lenders eligible to receive the USAID guaranty are those specified
in Section 238(c) of the Act. They are: (a) U.S. citizens; (2) domestic
U.S. corporations, partnerships, or associations substantially
beneficially owned by U.S. citizens; (3) foreign corporations whose
share capital is at least 95 percent owned by U.S. citizens; and (4)
foreign partnerships or associations wholly owned by U.S. citizens.
To be eligible for the USAID guaranty, the loans must be repayable
in full no later than the thirtieth anniversary of the disbursement of
the principal amount thereof and the interest rates may be no higher
than the maximum rate established from time to time by USAID.
Information as to the eligibility of investors and other aspects of
the USAID housing guaranty program can be obtained from: Mr. Michael J.
Lippe, Director, Office of Environment and Urban Programs, U.S. Agency
for International Development, Room 409, SA-18, Washington, D.C. 20523-
1822, Fax Nos: 703/875-4384 or 875-4639, Telephone: 703/875-4300.
Dated June 13, 1995.
Michael G. Kitay,
Assistant General Counsel, Bureau for Global Programs, Field Support
and Research, U.S. Agency for International Development.
[FR Doc. 95-14866 Filed 6-15-95; 8:45 am]
BILLING CODE 6116-01-M
