SEC okays Lagos State’s $552 mln 7-yr bond

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Lagos state on Tuesday said it had obtained the approval of the Securities and Exchange Commission (SEC) to issue 87.5 billion naira ($552.05 million) bond maturing in 2020 to fund infrastructure projects.

The debt, which will be opened with a book build, is the second and final tranche of a 167 billion naira debt issuance programme launched last November.

“The bond … will contribute to the completion of on-going infrastructure projects to enhance the provision of social services aimed at improving the living standards of Lagosians,” said state finance commissioner Ayo Gbeleyi in a statement.

 

[Reuters]

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