The Federal Republic of Nigeria in Debut $500 Million Eurobond Offering

January 28, 2011

Cleary Gottlieb acted as U.S. and English law counsel to Citigroup Global Markets Limited and Deutsche Bank AG, London Branch in their capacity as joint lead managers in the Federal Republic of Nigeria’s debut Eurobond offering. The offering of $500 million 6.75% Notes due 2021 closed on January 28.

The offering was the Republic’s first issuance in the Eurobond markets. The principal objective of the offering was to establish a government benchmark rate to help facilitate future borrowings in the international capital markets by private sector borrowers in Nigeria. Proceeds of the offering will be used for general budgetary purposes. The offering was made on a Rule 144A / Regulation S basis and the Notes were admitted to trading on the Regulated Market of the London Stock Exchange.