17.00 CROSS RIVER 27-MAY-2022

Issue Amount (₦’bn)8.00
Tenor (Year)7
Issue DateMay. 27, 2015
Maturity DateMay. 27, 2022
Coupon (%)17.00
Yield at Issue (%)N/A
Issue Price (₦)At par
CurrencyNigerian Naira
Coupon FrequencySemi-annual and payable in arrears on November 27 and May 27 of each year up to and including the Maturity
Issue RatingA-/GCR
Use of ProceedsLoan Refinancing
RedemptionPar at maturity
Debt ServiceA sinking fund will be created in each tranche/series in accordance with the provision of the Bonds Law. This Sinking Fund shall be funded from the Issuer’s statutory allocation by way of an Irrevocable Standing Payment Order (“ISPO”) issued by the State from its net Federation Account allocation receivables in accordance with the Bonds Law. The Sinking Fund shall be managed by the Trustees of the Bonds
TrusteesFBN Trustees Limited, Skye Trustees Limited, UBA Trustees Limited and Union Trustees Limited
Tax ConsiderationExempted from Nigerian Tax
Offer DocumentPricing Supplement