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year, from Euromoney’s Project Finance magazine which awarded the Lekki Epe
Expressway the Africa Public Private Partnership (PPP) Deal of the Year.
The Lekki Expressway is a PPP between the Lekki Concession Company and the
Nigerian government and is the first PPP in Nigeria and the first PPP toll
road deal in west Africa.
The first, three-year phase of the project entails upgrading 49km of the
Lekki-Epe road while phase two will involve the development of the first
20km of the coastal road with an option to develop the southern bypass too.
The total cost of the project is about $400-million sourced from the
African Development Bank ($85-million senior debt over 15 years),
international banks and local Nigerian banks - including First Bank Nigeria
and United Bank for Africa which provided a 12-year note facility for
$80-million, and Zenith Bank, First Inland Bank, Diamond Bank and Fidelity
Bank. The Lagos State Government also provided a Naira 5-billion mezzanine
debt tranche over 20 years. The tenor of the debt is the longest the market
has seen in the region.
The equity for the deal is being provided by Asset Resource Managers (ARM),
Africa Infrastructure Investment Fund, Larue Projects and Hi-tech
RMB brought to the party its deal-structuring capabilities and its
experience in closing complex project financing transactions.
Business News Sector Tags: Finance| Business|