Lekki Free Zone Company seeks N25b to refinance debts, new projects

Lekki Free Zone Company (LFZC) has launched a process to raise about N25 billion through issuance of long-term bonds.

The company will use the net proceeds of the new bond issuance to refinance existing credit facilities and to support funding of other capital projects. LFZC Funding SPV Plc- the special purpose vehicle of LFZC, which had earlier raised N25 billion from the debt market, at the weekend, opened another book building to raise additional N25 billion.

The LFZC Funding SPV N25 billion Series 3, 20-year fixed rate senior guaranteed Bonds, is being issued under the company’s up-scaled N61 billion bond issuance programme.

The book building is expected to close on Wednesday March 15, 2023. LFZC SPV was set up by LFZC to raise finance through the listing of debt securities, which would be used to boost its business expansion exercise and to restructure the company’s debts over a specified period.

The Lagos Free Zone, covering an area of 830 hectares, is the first private sector-led initiative in Nigeria. Lagos Free Zone Company is the licensee and operator of the Lagos Free Zone – the first privately owned economic zone in Nigeria.

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