Nigeria has priced has priced its offering of $2.5 billion Eurobond dual series notes under its Global Medium Term Note Programme, the Debt Mangement Office (DMO) said. 
In a statement, the debt office the Notes comprise a $1.25 billion 12-year series and a $1.25 billion 20-year series.
According to the DMO, the 12-year series will bear interest at a rate of 7.14 percent, while the 20-year series will bear interest at a rate of 7.69 percent, and, in each case, will be repayable with a bullet repayment of the principal on maturity.
"The offering is expected to close on or about 23 February 2018, subject to the satisfaction of various customary closing conditions," the debt office said.
The proceeds of the debt, which represents the fifth Eurobond issuance by Africa's biggest economy was intended for the refinancing of domestic debt. Nigeria had issued in 2011, 2013 and two bonds in 2017.
"The offering has attracted significant interest from leading global institutional investors with a peak order book of over $11.5 billion. When issued, the Notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market," DMO said.
It also said the government may apply for the Eurobond to be eligible for trading and listed on the Nigerian FMDQ OTC Securities Exchange and the Nigerian Stock Exchange.
The pricing for the bond, the debt office said was determined following a series of short meetings and conference calls with investors.
“Nigeria is focused on reducing the cost of our debt portfolio and ensuring we have the optimal mix of domestic and international debt. The proceeds of the issuance, which would supplement the issuances we completed in 2017, will be used to re-finance domestic debt, which is high cost and short-term, with lower-cost international debt, with a longer tenure," Kemi Adeosun, minister of finance was quoted as saying.
She said the country will have a range of Eurobonds in issue, encompassing 5-year, 10-year, 12-year, 15-year, 20-year and 30-year bonds, giving investors a full basket of options to participate in.
ricing, the DMO Director General, Patience Oniha said:
"With the successful pricing of our 5th Eurobond, Nigeria’s status as an Issuer of Eurobonds with a strong and diverse investor base has been further consolidated," Patience Oniha, director general of the DMO said.
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