Aluko & Oyebode (the “Firm”) is delighted to have acted as sole Nigerian legal counsel in connection with the issuance, by Africa Finance Corporation (“AFC” or the “Corporation”), of a US$700 Million Regulation S Eurobond due 2025 with a coupon of 3.125 percent (the “Eurobond Issuance”) for which the Firm represented the Joint Lead Managers (First Abu Dhabi Bank PJSC, Goldman Sachs International, J.P. Morgan Securities Plc, Merrill Lynch International and MUFG Securities EMEA plc).
The Eurobond Issuance is the fifth under AFC’s US$5 Billion Global Medium-Term Note Programme, which was recently upsized from US$3 Billion in furtherance of the Corporation’s 5-year corporate strategy. The proceeds of the Eurobond Issuance will be used for general corporate and financing purposes to enable AFC pursue its mission of catalysing industrialisation on the African continent.
The Bond Issuance was highly successful (with a significant oversubscription) in spite of the impact of the COVID-19 pandemic on the global financial markets and received strong global interest from a geographically diverse investor base spread across Africa, Europe, Asia and the Middle East.
Notably, the transaction was unique in that it was executed solely through virtual interactions (virtual meetings, calls and teleconferences) between AFC and all transaction parties in compliance with AFC’s COVID-19 Protocol.
The Firm’s transaction team was led by Senior Partner, Olubunmi Fayokun, with associates Diepiriye Anga and Abisola Akinyemi.