Aluko & Oyebode acted as Nigerian counsel to Access Bank Plc (“the Bank”) on its recent US$300 Million Eurobond issuance under the Bank’s US$1,000,000,000.00 Global Medium Term Note Programme.
The Transaction incorporated an Exchange Offer made to the holders of the US$350 Million 7.25 per cent. Guaranteed Notes due 2017 issued by the Bank’s subsidiary, Access Finance B.V. to exchange Notes held under the Bank’s debut Eurobond issuance for new Notes issued directly by the Bank. The remainder of the Notes were issued on a syndicated basis.
This Eurobond Issuance makes Access Bank Plc the first Nigerian bank to raise capital from the international capital markets in 2016 despite the country’s current macroeconomic headwinds. The capital raise will enable the Bank to increase its lending to investment-grade corporates, including Nigerian companies seeking to expand their exports. The Transaction is the first of only two Eurobonds to be successfully issued by Nigerian corporates this year.
The Transaction team was led by Olubunmi Fayokun who heads the firm’s Capital Market Practice.