Nigeria prices tap of 2017 and 2022 naira bonds

Thu Jul 31, 2014 5:02pm EDT

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NEW YORK, July 31 (IFR) - The Federal Republic of Nigeria has raised a combined NGN8.674bn (US$52.8m) from a reopening of its 2017 and 2022 naira-denominated global depositary notes, according to one of the lead managers.

The sovereign priced a NGN3.337bn tap of its 15.10% 2017s at a cash price of 108.52 to yield 11.35%, and a NGN5.310bn tap of its 16.39% 2022s at a price of 119.88 to yield 12.25%.

Final terms on the notes came in line with guidance of 11.35% area and 12.25% area respectively for the two notes.

The sovereign, rated Ba3/BB-/BB-, was expected to raise up to US$70m equivalent from the offering.

Citigroup was global coordinator on the offering, joined by Stanbic and Standard Chartered as bookrunners. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)