BY BUSAYO SAMUEL
Oil marketing Company, Ardova Plc, has successfully raised over N11.44billion under its N60billion bond issuance programme.
Ardova’s N60billion bond issuance programme are in two tranches: 7-year 13.3% fixed rate bonds and N13,856,000,000 (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.
Olumide Adeosun, CEO of the Company said the successful conclusion of the transaction demonstrates investors’ confidence in the Company and provides additional resources for the Company to continue its expansion projects.
The company disclosed that 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.
