Ardova Plc has announced the successful granting of a tranche A and tranche B Series 1 bond worth up to N25.3 billion cumulatively.
This is part of the company’s newly established N60 billion bond issuance programme.
This is contained in a statement signed by the Company Secretary, Oladeinde Nelson-Cole, which was filed with the Nigerian Exchange Limited (NGX).
The breakdown of the deal showed that the leading indigenous energy firm successfully raised about N11.4 billion from the tranche A offer and an additional N13.9 billion from the tranche B offer. Tranche A and B have a maturity period of 7 and 10 years respectively.
In addition, the Series 1 bonds have fixed rates of 13.3% and 13.65% respectively
According to the notice, the bonds are duly registered with the Securities and Exchange Commission (SEC).
The firm stated that it will be applying to list the bonds on the FMDQ Securities Exchange Limited.
The trustees were advised by Aluko & Oyebode while Vetiva Capital Management Limited and Stanbic IBTC Capital Limited acted as Joint Issuing Houses, whilst Banwo & Ighodalo acted as Transaction Counsel.
Speaking on the recent development, the CEO of Ardova Plc, Mr Olumide Adeosun said: ‘’We are pleased with the successful conclusion of this transaction which again demonstrates investors’ confidence in the Company and provides additional resources for the Company to continue its expansion projects.’’
