Aluko & Oyebode (the “Firm”) is pleased to have acted as Solicitors to The Company for Habitat and Housing in Africa (“Shelter Afrique”) in connection with Shelter Afrique’s establishment of a ₦200 Billion Bond Issuance Programme (the “Programme”) and the issuance of ₦40 Billion Series I (Tranches A and B) Bonds under the Programme (the “Issuance”).
The Issuance, which marks Shelter Afrique’s debut issuance in the Nigerian debt capital markets, consists of Tranche A ₦27.18 Billion 5-year 13.00% senior unsecured fixed rate Bonds and Tranche B ₦18.82 Billion 7-year 13.25% senior unsecured fixed rate Bonds. The dual tranche Issuance was oversubscribed, demonstrating investors’ confidence in Shelter Afrique’s mandate to enable housing development in Africa, its institution’s strong management team, business strategy and credit profile.
Shelter Afrique is the leading pan-African finance institution created to exclusively support the development of the African real estate and housing sector. The proceeds of issuances under the Programme are to be primarily tailored towards mass housing developments across Africa, and provision of lines of credit.
The Firm’s transaction team was led by Capital Markets Partner, Ayodeji Oyetunde, and he was supported by Associates, Abisola Akinyemi, Kareemat Ijaiya and Oluwatobi Oluwasanya.
