Templars has advised the bond trustees on the first series of the N50 billion senior green infrastructure bonds issuance programme sponsored by North South Power Company Limited: a Pan African power generation company, and backed by a guarantee issued by Infrastructure Credit Guarantee Company Limited (the “Series 1 Green Bond”).
The bond which is due 2034 is the first certified green corporate bond; the longest tenored (15 year) corporate bond issued by a Nigerian corporate in the Nigerian debt capital markets; and the first project bond to be sponsored by a grid-connected power company in Nigeria.
The Series 1 Green Bond was oversubscribed by 60% with firm commitments from twelve (12) institutional investors including nine (9) pension funds administrators, and priced at 70 bps spread to the comparable 15-year sovereign benchmark bond (FGN 2034). The Series 1 Green Bond was certified by TUV NORD CERT (www.tuv-nord.com), an approved verifier under the Climates Bonds Standard, in compliance with the International Capital Market Association’s (ICMA’s) Green Bond Principles, the Green Bonds Issuance Rules of the Nigerian Securities & Exchange Commission, and the Green Bonds Listing Rules of the Nigerian Stock Exchange.
The Templars team that worked on the transaction was led by Partner, Desmond Ogba with support from associates, Seeke Atitebi, Nneoma Obijiaku and Yetunde Amodu.
Templars has established a reputation as leading legal advisers in Nigeria on both domestic and international bond issuances, having acted in different capacities in debt capital market transactions in various sectors of the economy.