Nigeria’s Africa Finance begins tender offer for 4 3/8% notes due 2020

By Marisa Wong

Morgantown, W.Va., April 1 – Africa Finance Corp. is inviting holders of its $750 million outstanding 4 3/8% notes due April 29, 2020 to tender any and all of their notes for purchase for cash, according to a notice.

The offer will expire at 5 a.m. ET on April 9.

The company is offering to purchase the notes at $1,017.50 per $1,000 principal amount. Holders will also receive accrued interest to but excluding the settlement date, which is expected to be no later than April 12.

The deadline for notes to be tendered through guaranteed delivery procedures is 5 p.m. ET on April 11, and those tenders are expected to settle on April 16.

The tender offer is subject to a financing condition. The issuer announced on Monday that it plans to issue new Regulation S and Rule 144A dollar-denominated fixed-rate notes.

Holders who wish to subscribe for new notes in addition to tendering their existing notes may receive priority in the allocation of the new notes, the company said.

The purpose of the tender offer and the new notes issuance is to proactively manage overall debt redemptions and to extend the company’s debt maturity profile, according to the notice.

First Abu Dhabi Bank PJSC (+971 4 565 9956, attn.: debt capital markets & liability management group, DCM&FIS@bankfab.com), J.P. Morgan Securities plc (+44 207 134 2468, attn.: liability management, em_europe_lm@jpmorgan.com), Merrill Lynch International (+44 207 996 5420, 888 292-0070, 980 387-3907, attn.: liability management group, DG.LM_EMEA@baml.com), MUFG Securities EMEA plc (+44 20 7577 4048, attn.: liability management group, DCM-LM@int.sc.mufg.jp) and Rand Merchant Bank, a division of FirstRand Bank Ltd. (London Branch) (+44 207 939 1730, attn.: legal and liability management – international debt capital markets, RMBDCMLegal@rmb.co.uk) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Arlind Bytyqi, afc@lucid-is.com, + 44 20 3004 1590) is the tender and information agent.

Africa Finance is Lagos, Nigeria-based infrastructure-financing entity.

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