Aluko & Oyebode (the “Firm”) is pleased to have acted as sole Nigerian legal counsel in connection with the successful issuance of US$750 Million 2.875 per cent Rule144A/Regulation S Notes due 2028 (the “Bond Issuance”) by Africa Finance Corporation (the “Corporation”) 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 Bond Issuance, which is the sixth Eurobond issued under the Corporation’s US$5 Billion Global Medium-Term Note Programme, will be admitted to trading on the regulated market of the Irish Stock Exchange (trading as Euronext Dublin) and the Corporation will utilise the proceeds of the Bond Issuance to continue investing in critical infrastructure that delivers on the Corporation’s long-term vision to drive social, economic and sustainable change across Africa.
The Bond Issuance was 3.5 times oversubscribed by a pool of investors from across the United Kingdom, Continental Europe, the Middle East, Asia, and the United States/Americas. This reflects a strong investor appetite in Africa notwithstanding the severe market disruption experienced on the continent during the past year, as a result of the COVID-19 pandemic.
The Firm’s transaction team was led by Senior Partner, Olubunmi Fayokun, with associates, Abisola Akinyemi, Kareemat Ijaiya and Gregory Yinka-Gregg.