Aluko & Oyebode is pleased to have advised Pan African Towers Limited (“Pan African Towers”) through its special purpose vehicle, PAT Digital Infra Fund SPV Plc, as Solicitor to the Issuer, on the establishment of a ₦50 Billion Bonds Issuance Programme (the “Programme”) and the successful issuance of ₦10 Billion Series I Senior Guaranteed Fixed Rate Infrastructure Bonds due 2032 under the Programme (the “Issuance”).
Pan African Towers is a telecommunications infrastructure company and wireless service facilitator in Nigeria, providing services in key areas in the telecommunications value-chain, ranging from broadband, mobile telephony, to other value-added services in Africa.
The Issuance, which is Pan African Towers’ debut capital raise in the Nigerian debt capital markets, is backed by an irrevocable and unconditional guarantee from Infrastructure Credit Guarantee Company Limited (“InfraCredit”), which significantly enhanced investor confidence and culminated in a 127% over-subscription.
A portion of the Issuance proceeds will be used to construct green build-to-suite towers with the objective of reducing carbon emissions.
Aluko & Oyebode’s transaction team was led by Capital Market Partners, Olubunmi Fayokun and Ajibola Asolo, with Associates, Chiderah Azodoh, Ayomide Ogunsesan, and Gregory Yinka-Gregg.