Ardova Plc Announces N60 Billion Bond Programme

Ardova Plc,  a Nigerian leading indigenous and integrated energy company involved in the distribution of petroleum products, announced it has established a N60 billion bond programme.

The company also announced the successful issuance of N11,444,000,000 7-year 13.3 percent fixed-rate bonds and N13,856,000,000 10-year 13.65 percent fixed-rate bonds under the programme.

Ardova disclosed this in a statement signed by Oladeinde Nelson-Cole, Company Secretary/General Counsel.

It said “Ardova PLC is pleased to announce the establishment of its ₦60,000,000,000 (Sixty Billion Naira) bond issuance programme (the “Programme”) and the successful issuance of ₦11,444,000,000 (Eleven Billion, Four Hundred and Forty-Four Million Naira) 7-year 13.3% fixed rate bonds and ₦13,856,000,000 (Thirteen Billion, Eight Hundred and Fifty-Six Million Naira) 10-year 13.65% fixed rate bonds being tranches A and B respectively of the series 1 bonds under the Programme.”

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.

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.

Commenting on the transaction, Mr. Olumide Adeosun, CEO of the Company 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.”