Africa Finance Corporation (“AFC” or “the Corporation”), the leading infrastructure solutions provider in Africa, announces the successful issuance of a US$500 million Reg S Only Eurobond for general corporate purposes, maturing in October 2029.
The Senior, unsecured Eurobond which carries a coupon of 3.75% was priced to yield 3.895% for a tenor of 10 years. It is the longest tenor bond issued by the Corporation till date. The bond received strong global interest across the Middle East, Asia, the United Kingdom, Switzerland and Europe. Prior to the launch of the bond, AFC held a global investor call followed by investor meetings in London.
The issuance is the fourth Eurobond issued by the Corporation, under its US$ 3,000,000.00 Global Medium-Term Note Programme. The bond proceeds will provide capital for AFC to support its growth and long-term approach to infrastructure investing in Africa.
The bond was rated A3 by Moody’s Investor Services, in line with AFC’s issuer rating. It is listed on the Irish Stock Exchange and was distributed to investors in Asia (28%), United Kingdom (26%), Switzerland (17%), Middle East and Africa (15%) and other Europe (11%).
MUFG, J.P. Morgan, Merrill Lynch International, First Abu Dhabi Bank PJSC and Rand Merchant Bank acted as Joint Lead Managers and Bookrunners for the U.S.-dollar-denominated Reg. S issue.
