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Lagos commences N1tr capital raising for major infrastructure

The Lagos State Government (LASG) at the weekend launched the first tranche of capital raising under its N1 trillion Debt and Hybrid Instruments Issuance (DAHI) Programme. THE NATION reports.

Lagos, Nigeria’s main economic centre, is seeking to raise N100 billion under the Series I Fixed rate Senior Unsecured Bond issuance. Application list for the offer is scheduled to close on Friday.


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The net proceeds from the bond issuance will be used to finance priority physical and social infrastructure projects across the state, according to regulatory filings by the government.Information Guide Nigeria

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LASG, through a book-building method, is offering a 10-year bond with a pricing range of 14.875 per cent and 15.250 per cent. Book building method allows investors, especially high networth (HNI) and institutional investors to submit preliminary orders with indicative coupon based on the range. The issuer and its professional parties will then determine the closing coupon based on the order book.NYSC Portal

Issuing documents obtained at the weekend indicated that the N100 billion bond issuance is backed by an irrevocable standing payment order (ISPO) and consolidated debt service account (CDSA) from the state’s internally generated revenue (IGR).

Minimum subscription to the issue is N10 million and thereafter in multiples of N1 million.

Coupon will be paid at fixed rate twice a year while the principal repayment will by way of amortization after a 24-month moratorium. The bond will be listed for secondary trading on the Exchange, after completion of the issuance process.

According to the offer documents, Lagos State has been assigned an AA- long-term rating-Stable Outlook, by Agusto & Co and GCR. This represents an upgrade from the previous A+ rating, given the state’s resilient financial condition, robust financial flexibility, suitable expenditure profile and very strong cash-generating capacity to meet local currency obligations in a timely manner from IGR.

Lagos’ IGR is over 70 per cent of the state’s total revenue. In 2021, the state generated total revenue of N771 billion, including IGR of N573 billion.JAMB Result

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Goodnews

Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

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