Lagos Free Zone Points N17.5bn 20-year Bond
The Lagos Free Zone Firm has introduced the issuance of N17.5bn 20-year company infrastructure bond which is the third issuance underneath an upsized N61bn bond issuance programme.
In a press release issued on Thursday, the LFZ acknowledged that the Collection 3 Senior Assured Fastened Fee infrastructure bond was due in 2043.
In response to the LFZC, the bond issuance was backed by an irrevocable and unconditional assure from InfraCredit and accorded a “AAA” long-term credit standing by Agusto and Co. and GCR.
The provide was oversubscribed with participation from institutional buyers together with 10 home pension funds and an insurance coverage firm.
The transaction was the third 20-year non-FGN bond situation within the Nigerian debt capital markets.
Talking on the transaction, the Chief Finance Officer of LFZC, Ashish Khemka stated, “That is our third profitable bond issuance at LFZC and it’s a testomony to the capability of the Nigerian debt market as a veritable supply of home capital for infrastructural improvement in Nigeria.
“The spectacular participation and pricing of this bond issuance by the home institutional buyers additional strengthens our dedication to grasp our imaginative and prescient and thereby improve Nigeria’s aggressive positioning with our steady concentrate on Ease of Doing Enterprise parameters.
“LFZC additional underscores Nigeria as a compelling industrial hub throughout the West African coast and ideally orients itself in anticipation of the approaching single market regime underneath AfCFTA.
It added, “We’re notably excited by the improved
confidence demonstrated by pension fund managers and different institutional buyers at this milestone situation and we respect the workforce at InfraCredit, Stanbic IBTC Capital and different events to the transaction for this novel construction, which helps to de-risk the transaction and aligns the curiosity of various stakeholders.”
Additionally, the Chief Govt Officer of InfraCredit, Chinua Azubike, acknowledged that financial zones like LFZC helped to spice up the financial system.
