Ardova Plc to Raise N25.3 Billion Via Unsecured Bonds

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.