Issue Amount (₦’bn)20.00
Tenor (Year)7
Issue DateOct. 2, 2012
Maturity DateOct. 2, 2019
Coupon (%)15.50
Yield at Issue (%)N/A
Issue Price (₦)At par
CurrencyNigerian Naira
Coupon FrequencySemi-annual
Issue RatingBBB+/Agusto; A-/GCR
Use of ProceedsNew Utilisation and Loan Refinancing
RedemptionPar at maturity
Debt ServiceA Sinking Fund will be created in accordance with the provisions of the Enabling Law and the Investment and Securities Act (“ISA”). The Sinking Fund shall be principally funded from the pledged revenues by way of an Irrevocable Standing Payment Order (“ISPO”) from Gombe State to the Accountant-General of the Federation authorizing a monthly deduction of ₦381.15 million from its statutory allocations during the tenor of the Series 1 Bonds
TrusteesARM Trustees Limited, UBA Trustee Limited and ALM Consulting Limited
Tax ConsiderationExempted from Nigerian Tax
Offer DocumentPricing Supplement