The Nigeria Infrastructure Debt Fund (NIDF) has announced the closure of the Series 9 Offer under the N200 billion Issuance Programme and has also noted the approval of the Allotment Proposal by Securities & Exchange Commission.
This information was contained in a statement released to the Nigerian Exchange Group (NGX) that the programme closed on November 2 while the allotment proposal was approved on the 23rd of November 2023.
The Series 9 Offer was for 246,182,408 units (nominal value of N100 each) issued at N108.89 per unit for an aggregating offer value of N26.8 billion. The issuance represents the Fund’s ninth (9th) capital raise since inception in 2017 and the first since its Listing on NGX.
‘’At the conclusion of the Offer, applications were received for 106,350,000 units valued at N11,580,451,500.00.
“The proceeds from the Offer will be applied towards infrastructure loans approved by the Fund Manager’s Investment Committee,’’ NIDF stated.
The Chapel Hill Denham Nigeria Infrastructure Debt Fund was established in 2017 to provide long-term naira funding for commercially viable infrastructure projects and businesses.
NIDF seeks to address the infrastructure deficit in Nigeria by providing long-term debt financing to infrastructure projects in sectors such as power, renewable energy, transport, and telecommunications.
The Fund is an important initiative to unlock private sector funding for infrastructure in Nigeria, which has traditionally been dominated by public sector financing.
The NIDF is a N200 billion public infrastructure investment fund managed by Chapel Hill Denham. The fund, backed by major institutional investors, including the Nigeria Sovereign Investment Authority, has provided long-term financing in naira for private infrastructure projects.