Africa Finance Corp ("AFC"), exp issue ratings Baa3 by Moody's (issuer ratings A3 (stable) by Moody's), US$500m 144A/Reg S PerpNC5.25 sub notes hybrid issue (inaugural). BofA/ENBD/JPM (B&D)/MASHRQ/MUFG/SG as Joint Bookrunners. Optional Early Redemption: On any date during the period commencing on (and including) the date falling three months prior to the next succeeding Reset Date and ending on (and including) such Reset Date, in each case at their outstanding principal amount together with interest accrued but unpaid (other than any cancelled interest) to (but excluding) the relevant Redemption Date. First optional redemption date: Jan 2030. First reset date: Apr 2030. Step-up amount: 1 percentage point. 101 CoC, tax changes call, regulatory / capital disqualification call. Clean-up call: 75%. UOP: gcp. Pricing 1/13.
IPTs: 8% area.
LAUNCH: $500m 7.625%aPRICED: $500m 7.500% 99.485 7.625%
A multilateral development finance institution ("DFI") has provided commitment of up to USD150 million in connection with the offering pursuant to which the DFI is expected to acquire notes in the offering.
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Africa Finance Corporation ("AFC"), a multilateral development finance institution dedicated to infrastructure financing and advisory in Africa, rated A3 (stable) by Moody's, has mandated BofA Securities, Emirates NBD, J.P. Morgan, Mashreq, MUFG and Societe Generale as Joint Bookrunners to arrange a series of fixed-income investor meetings commencing Tuesday 7 January.
An inaugural benchmark USD-denominated RegS/144A hybrid bond with an expected rating of Baa3 by Moody’s with a PNC5.25 tenor is expected to follow, subject to market conditions.
A multilateral development finance institution ("DFI") has provided commitment of up to USD150 million in connection with the offering pursuant to which the DFI is expected to acquire notes in the offering.