14.50 LAGOS 22NOV 2019

Series1
Issue Amount (₦’bn)80.00
Tenor (Year)7
Issue DateNov. 22, 2012
Maturity DateNov. 22, 2019
Coupon (%)14.50
Yield at Issue (%)N/A
Issue Price (₦)At par
CurrencyNigerian Naira
Coupon FrequencySemi-annual
Issue RatingAa-/Agusto & A+/GCR
ISINNGLAB2019S16
Use of ProceedsTo Finance Ongoing Infrastructural Projects
RedemptionPar at maturity
Debt ServiceLagos State Government has obtained Irrevocable Standing Payment Order (“ISPO”) of ₦1.00 billion per month for purpose of interest and principal repayment obligations under the Bond. Additional ₦900.00 million per month will be appropriated from the Consolidated Debt Service Account (“CDSA”) for purpose of servicing these debt obligations.The CDSA is a dedicated internally segregated savings account for Lagos State established under the provisions of Lagos State Bonds Law. The Bonds law provides for a CDSA to be created by the Lagos State into which a minimum of 15% of the State’s Internal Generated Revenue (IGR) will be deposited on a monthly basis. The sum of ₦0.90 billion will be transferred monthly from CDSA to the sinking fund managed by the Trustees to the Issue
TrusteesCSL Trustees Limited, First Trustees Nigeria Limited, Skye Trustees Limited, Sterling Asset Management and Trustees Limited, UBA Trustees Limited and Union Trustees Limited
Tax ConsiderationExempted from Nigerian Tax
Offer DocumentPricing Supplement