4 March 2019
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.
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.