Templars wins Two Deal of the Year Awards at the Bonds, Loans & Sukuk Africa Awards 2020

First, Corporate Debt Deal of the Year: an aggregate US$1.3 billion dual-tranche Eurobond issuance by Africa’s largest operator of wireless towers, IHS Towers. Among other distinctions, the bond issuance which closed alongside an up to US$1 billion (equivalent) multi-currency loan transaction is significant for being the largest ever corporate bond issuance out of sub-Saharan Africa (excluding South Africa).

Second, Local Currency Bond Deal of the Year: a N50 billion senior green infrastructure bonds issued by the power generation company, North South Power. The North South bonds were credit wrapped by Infrastructure Credit Guarantee Company (InfraCredit), a joint venture monoline insurer initiated and funded by the Nigeria Sovereign Investment Authority and GuarantCo. The transaction is noteworthy for being the first certified green corporate bond in Nigeria as well as the first project bond issuance by a grid-connected electric power producer in Nigeria. It has a 15-year tenure making it the longest-tenored corporate bond issued by a Nigerian corporate in the domestic debt capital markets.

The annual Bonds, Loans & Sukuk Africa Awards recognises the most innovative and ground-breaking deals completed in the preceding year in Africa’s credit markets as well as the firms that completed the deals.

Speaking on the awards, Templars Partner and Finance Practice Head Chike Obianwu, who led the team that advised on the IHS Towers Bonds said, “We are very pleased with these recognitions which continue to reinforce Templars’ position as a leading adviser to corporate and sovereign issuers, lead managers and trustees in the Nigerian and international debt capital markets”. Finance and Projects Partner Desmond Ogba, who led on the North South Power Bond, added that ‘’It has been a pleasure to have supported our clients and contributed to the success of these transactions that have deservedly earned these recognitions”.