Clifford Chance

Clifford Chance advises on debut US$350 million Eurobond offering by Nigerian Access Bank

Clifford Chance advises on debut US$350 million Eurobond offering by Nigerian Access Bank

Clifford Chance has advised Access Finance B.V. on its issue of U.S.$350,000,000, 7.25 per cent. Senior Unsecured Notes due 2017, Guaranteed by Access Bank plc. Goldman Sachs International and Citigroup acted as Joint Bookrunners on the transaction.

Access Bank, Nigeria's fourth largest bank in terms of assets¹, following its merger of the Intercontinental Bank Group last year, provides a wide range of banking and financial services across Nigeria and wider sub- Saharan Africa, as well as in the UK. Access Bank is the third Nigerian lender to access the international capital markets² and the first debut issuance since 2007.

David Dunnigan, global head of capital markets said:

"We are delighted to have been involved in this transaction, which was completed in the midst of challenging market conditions. Sub-Saharan Africa is a strategic focus for Clifford Chance and we are very pleased to have been chosen to advise another Nigerian issuer in accessing the debt capital markets, following our role on the Sea Trucks convertible bond in 2011."

The deal team was led by Bob Trefny and David Dunnigan in London and included Naheeda Noormohamed, Annie Guerard-Langlois and Mary Guo. Frank de Vos, Tineke Kothe, Alexander Freund and Leen Kranenberg in Amsterdam provided Dutch Law advice.

^{1 According to the published unaudited management financial statements of Nigerian banks as at and for the three months ended 31 March 2012}

^{2 Thomson Reuters Africa}