Chapel Hill’s Infrastructure Debt Fund Raises N26.8bn After Listing On Stock Exchange

The newly listed Chapel Hill Denham Nigerian Infrastructure Debt Fund (NIDF) is raising N26.8bn series 9 offer a few days after listing on the Nigerian Exchange Ltd.

The NIDF said the series 9 offer is 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.

In a regulatory filing on Monday, the NIDF said the fundraising is under the N200 billion Issuance Programme and is still open for subscription.

According to the NIDF, the offer was approved by the Securities & Exchange Commission and opened on September 19, 2023.

“The issuance represents the Fund’s ninth (9th) capital raise since inception in 2017 and the first since its Listing on NGX.

“The proceeds from the Offer will be applied towards infrastructure loans approved by the Fund Manager’s investment committee,” the NIDF said.

On October 5, NIDF’s 853,817,692 units were listed on the Main Board of NGX at N108.39 per share and will remit quarterly dividends to investors by paying out profits from investing in industries like power, transportation, healthcare and education.

With the listing, Chapel Hill’s NDIF became the first local currency-denominated infrastructure investment trust fund on its platform.

The NIDF is a N200 billion public infrastructure investment fund managed by Chapel Hill Denham.

The Chairman of NDIF, Phil Southwell during the fact behind the figures said the fund launched mid-2017 has generated 155 per cent returns.

“We have been fortunate enough not to have any non-performing loans (NPLs) and so it presents interesting risk returns for investors. In the UK market where I am originally from, 103 of the 350 stocks on the FTSE 350 are investment trusts and I look forward to being able to say the same thing about the NGX,” he said.