Morocco - Restructuring & Consolidation Agreement A

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Restructuring & Consolidation Agreement Tranche A

Represents the refinancing on medium-term loans restructured under the 1983-84 and 1985-88 Refinancing Agreements. 

Issuer: The Kingdom of Morocco
Guarantor: None
Issue Size: USD 2,406,682,675
Maturity: January 1, 2009
Interest Rate: 3 or 6-month LIBOR plus 13/16%
Coupon Frequency: Quarterly or semi-annual
(Morocco reserves the right to adjust the frequency of coupon payments)
Coupon Dates: February 5, May 5, August 5, and November 5
Day Count: Actual/360
Issue Date: September 20, 1990
Amortisation: Repayable in 21 equal semi-annual installments beginning January 1, 1999

The amortisation dates do not coincide with coupon dates. Thus, each
amortisation date, the amortisation amount and the interest accrued on
that amount only is paid. On the interest payment date, Morocco will pay
interest for the full period on the reduced outstanding principal.

Currency: US Dollar only
Form: Registered loans.
Loan Agent: Banque Nationale de Paris
Credit Rating: not rated
Principal Collateral: None
Interest Payment Collateral: None
Months in Arrears: None