Nigeria says to raise $3 bln in Eurobond at 6.5 pct, 7.6 pct by Nov 28

Nigeria on Monday said it plans to close the deal of its fourth Eurobond issuance with a total of $3 billion in two tranches on or before November 28, as part of its $4.5 billion Global Medium Term Note programme, the Debt Management Office has said.
In a statement on Monday, the debt office said it has priced the $1.5 billion naira 10-year debt at 6.5 percent while the $1.5 billion 30-year tenor debt will bear interest at 7.62 percent.
“Successful extension of tenure of financing to 30 years a first for sub-Saharan Africa excluding South Africa and delivers the foundation for long-term infrastructure financing,” the debt office said in a statement. The offering is expected to be closed on or about 28 November 2017, subject to the satisfaction of various customary closing conditions.
According to the Debt office, the offering is expected to be closed on or about 28 November 2017, subject to the satisfaction of various customary closing conditions.
The debt, which was part of Nigeria’s efforts to refinance its maturing domestic debt worth around 7 trillion naira was said to have attracted significant interest from leading global institutional investors.
When issued, the debt will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market.
Also, the Nigeria said it may apply for the debt to be eligible for trading and listed on the Nigerian FMDQ OTC Securities Exchange and The Nigerian Stock Exchange.