11th Sep 2017
Jackson, Etti & Edu (JEE) advised on the Lagos State N85,140,000,000 Series II Bond issuance (the Series II Bonds) comprising two tranches of N46,370,000,000.00 16.75% fixed rate bond due 2024 and N38,770,000,000.00 17.25% fixed rate bond due 2027. The Series II Bonds, which was issued under the N500,000,000,000 Debt Issuance Programme, received strong response from institutional investors and high net-worth individuals. JEE acted for the Trustees comprising ARM Trustees Limited; FBN Trustees Limited; Stanbic Trustees Limited; STL Trustees Limited; United Capital Trustees Limited; and UTL Trust Management Services Limited.
The net proceeds from the sale of the Series II Bonds will be used to improve the physical and social infrastructure base of Lagos State.
JEE has extensive experience in debt capital markets and have assisted several clients on the successful issuance of corporate and sub-national bonds. The JEE team was led by Partner, Folasade Olusanya supported by Senior Associate, Kingsley Opia-Enwemuche and Associates, Ekiomado Ewere-Isaiah and Aramide Oyeneyin.
Folasade Olusanya, Partner, JEE commented:
“It was an immense privilege to have had another opportunity to advise Lagos State on this landmark transaction. This transaction was the largest sub-national bond issuance in the Nigeria Capital markets over the recent years. This successful bond issuance provides an example to other State Government and corporate issuers that the debt capital market is a plausible means of raising capital.”
Please view the link below for more information on the bond issue: