Bonds

Ardova Plc to Raise N25.3 Billion Via Unsecured Bonds

Published

2 months ago

March 7, 2022

Ardova Plc, an indigenous energy group, headquartered in Lagos, Nigeria with extended operations in Ghana, has listed N11.444 billion fixed-rate senior unsecured bonds due 2028 and N13.856 billion fixed-rate unsecured bonds due 2031 under the company’s N60 billion bond issuance programme.

The company disclosed in a note to the Nigerian Exchange Limited and obtained by Investors King.

In the Series 1 tranche A, the indigenous energy company listed N11.444 billion 7 years bonds at 13.3% due in 2028 while in the Series 1 tranche B, it listed N13.856 billion 10 years bonds at 13.65% due in 2031. Meaning, the company is raising a combined N25.3 billion via unsecured bonds.

The company said “Ardoval Plc – Listing of N11,444,000,000 7 years 13.3% series 1 tranches A fixed rate senior unsecured bonds due 2028 and N13,856,000,000 10 Years 13.65% series 1 Tranches B fixed rate senior unsecured bonds due 2031 under the N60,000,000,000 bond issuance programme.

“The Market and investing public are hereby notified that Ardova Plc’s N11,444,000,000 7 years 13.3% series 1 tranches A fixed rate senior unsecured bonds due 2028 and N13,856,000,000 10 years 13.65% series 1 Tranches B fixed rate senior unsecured bonds due 2031 under the N60,000,000,000 bond issuance programme were listed on Thursday, 3 March 2022 on the Nigerian Exchange Limited (NGX).

The issue date for the two bonds is 12 November 2021. Coupon Payment Date(s) 12 May and 12 November and Coupon Commencement Date 12 May 2022 for both tranches.

Joint Trustees were Vetiva Trustees Limited; Stanbic IBTC Trustees Limited; and ARM Trustees Limited. Vetiva Capital Management Limited was the lead issuing house while Stanbic IBTC Capital Limited was the joint issuing house.

Stockbrokers appointed were Stanbic IBTC Stockbrokers Limited; and Dominion Trust Limited.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Bonds

Access Bank Raises US$50 Million to Finance New and Existing Projects

Published

3 weeks ago

April 27, 2022

Samed Olukoya

Access Bank Plc on Wednesday announced it has concluded the sale of US$50,000,000 Step-Up Green Notes due 2027 under its US$1.5 billion Global Medium Term Note Programme via a private placement.

According to the bank, the notes will be issued in registered form with a settlement date of 03 May 2022 and a maturity date of 03 May 2027. The lender plans to use the net proceeds from the issuance for the financing or refinancing of new and existing projects.

In the statement signed by Sunday Ekwochi, Company Secretary, Access Bank, the notes will also be listed on the London Stock Exchange and registered under the Reg S Rules.

The Central Bank of Nigeria approved the transaction and has given its “No Objection.”

Bonds

Dangote Cement Mulls Raising Issuing Bonds Under Its N300bn Debt Program

Published

1 month ago

April 7, 2022

Samed Olukoya

Nigeria’s leading cement manufacturing company Dangote Cement announced it has received approval from the Securities and Exchange Commission to raise fresh funds under its N300 billion debt issuance program.

Dangote cement disclosed this in a statement signed by Edward Imoedemhe, Deputy Company Secretary and obtained by Investors King.

The cement manufacturing company the money to expand operations and finance existing short-term debt.

The statement reads “Dangote Cement PLC (the “Company”) has obtained approval from its Board of Directors to access the Capital Markets for medium to long-term debt funding.

“The Company had submitted an application to the Securities and Exchange Commission in respect of the bonds, and relevant approvals have now been received. The bonds will be issued imminently, subject to favourable market conditions.

“The Company’s management has disclosed that the proceeds of the bonds will be applied towards funding expansion projects, refinance existing short-term debt and for general corporate purposes.”

Bonds

Russia Says it Pays $649.2 Million Bond Payment in Rubles

Published

1 month ago

April 6, 2022

Samed Olukoya

Russia on Wednesday disclosed it has paid $649.2 million for bonds maturing this month and in April 2042 in Rubles after foreign banks rejected dollar payments sent earlier, Russia’s Finance Ministry disclosed, according to a Bloomberg report.

The ministry said it sent dollar payments earlier but they were rejected, leaving the country with no option than to use domestic financial institutions. The ministry added that it transferred the full payment in rubles to the National Settlement Depository.

The Finance Ministry said it “considers it fulfilled its obligations in full.”

On Monday, the United States halted the Russian government from paying its $600 million maturing bond from its foreign reserves held in U.S banks.

The decision was meant to pressure Moscow and subsequently hurt the Eastern nation’s economy for invading Ukraine on February 24, 2022.

“What they’re basically tying to do is force their hand and put even more pressure on (to deplete) foreign-currency reserves back home,” said David Wolber, a sanctions lawyer at Gibson Dunn in Hong Kong.

“If they have to do that, obviously that takes away from Russia’s ability to use those dollars for other activities, in essence to fund the war.”