Written by on February 16, 2018

The federal government has announced the offering of US$2.5 billion Eurobond aggregate principal amount of dual series notes (the “Notes”) under its Global Medium Term Note Programme.

The Notes comprise a US$1.25 billion 12-year series and a US$1.25 billion 20-year series.
The 12-year series will bear interest at a rate of 7.143 per cent, while the 20-year series will bear interest at a rate of 7.696 per cent and, in each case, will be repayable with a bullet repayment of the principal on maturity.

The offering is expected to close on or about February 23, 2018, subject to the satisfaction of various customary closing conditions.

Nigeria intends to use the proceeds of the Notes for the refinancing of domestic debt. They represent the country’s fifth Eurobond issuance, following issuances in 2011, 2013 and two in 2017.
The offering has attracted significant interest from leading global institutional investors with a peak order book of over US$11.5 billion.

When issued, the Notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market.

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