Aluko & Oyebode (the “Firm“) is pleased to have acted as sole Nigerian legal counsel in connection with the successful issuance, by Africa Finance Corporation, of its debut US$500 million hybrid bond (the “Notes“). The Firm represented the Joint Bookrunners: Emirates NBD Bank PJSC, J.P. Morgan Securities plc, Mashreqbank psc, Merrill Lynch International, MUFG Securities EMEA plc, and Société Générale.

The Notes, which combine both equity and debt features, were priced at a coupon of 7.5% with no fixed maturity and have been admitted for trading on the Main Market of the London Stock Exchange. The proceeds from the issue of the Notes will be used to strengthen Africa Finance Corporation’s balance sheet and to finance transformative infrastructure projects across Africa.

The Firm’s transaction team was led by Senior Partner, Olubunmi Fayokun, and Partner, Ajibola Asolo. They were supported by Senior Associates, Bukola Akinsulere and Oluwatobi Oluwasanya, and Associate, Jessica Anusionwu.