Ardova Plc (NGX: ARDOVA) has announced the establishment of its N60 billion bond issuance programme.
The company said it has successfully issued tranches A and B of the series 1 bonds.
This was disclosed by the company in a publication on the Nigerian Exchange. According to the document seen by Investogist, tranche A is an ₦11,444,000,000 (Eleven Billion, Four Hundred and Forty-Four Million Naira) 7-year 13.3% fixed rate bond, while tranche B is a ₦13,856,000,000 (Thirteen Billion, Eight Hundred and Fifty-Six Million Naira) 10-year 13.65% fixed rate bond.
“The bonds are duly registered with the Securities and Exchange Commission. An application will be made to list the Bonds on the FMDQ Securities Exchange Limited,” the company said.
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According to the publication, Vetiva Capital Management Limited and Stanbic IBTC Capital Limited acted as Joint Issuing Houses, whilst Banwo & Ighodalo acted as Transaction Counsel. The trustees were advised by Aluko & Oyebode.
The company CEO, Mr. Olumide Adeosun said that the “transaction demonstrates investors’ confidence in the company and provides additional resources for the Company to continue its expansion projects.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
