Corporate bonds

Nigerian companies raise N246.28 billion from corporate bonds in 6 months

Six Nigerian companies issued corporate bonds worth N246.28 billion to improve their balance sheets and scale up operations during the six months ended June 30, 2022.

Nairametrics tracks major deals made in the Nigerian corporate scenes with a focus on companies that have their primary operations in the country or have a significant interest in Nigeria.

Below is a compilation of transactions announced during the semester. The information came from news reports, press releases and other reliable sources.

Dangote cement climbd N116 Billion Corporate Bond

Dangote Cement, the largest cement producer in sub-Saharan Africa, raised N116 billion in the largest corporate bond issue in the history of the Nigerian capital market.

  • During the reporting period, Dangote Cement said it completed the issuance of N116 billion Series 2 Senior Unsecured Fixed Rate Notes under its N300 billion Multi-Instrument Issuance Program .
  • The bond issue comprised three tranches: a 5-year tranche A issue at a price of 11.85%, a 7-year tranche B issue at a price of 12.35% and a 10-year tranche C issue at a price of of 13.00%.
  • The company said in a statement that the bond issue attracted participation from a wide range of institutional investors, including pension funds, asset managers, banks, insurance companies and investors. wealthy individuals.
  • The company also said the purpose of the fundraiser was to fund Dangote’s expansion plans. It said, “Proceeds from the bond issue will be used to fund the company’s expansion plans in Nigeria, short-term debt refinancing and working capital requirements.”

Shelter Africa issued 46 billion naira corporate bond

Shelter Afrique, the pan-African development finance institution, has announced the successful completion of its first N46 billion ($110.7 million) Series 1 fixed rate senior unsecured bond issuance in the market Nigerian capital under its 200 billion naira ($481.3 million) bond issuance program.

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  • The two-tranche bond issue was oversubscribed by 60.7%, with the order book peaking at 3 billion naira ($154.6 million), allowing Shelter Afrique to exercise the “green shoe” option and raise an additional 6 billion naira ($14.4 million) above the original 40 billion naira. plan ($96.3 million).
  • 5-year Tranche A bonds at a price of 13.00% and 7-year Tranche B bonds at a price of 13.25%. Bond tenors are aligned with the institution’s housing finance strategy and long-term plans in Nigeria. Shelter Afrique will use the proceeds of the bond to finance massive housing development by Tier 1 property developers and to provide lines of credit.

Presco Plc issues N34.5 billion corporate bond

During the reporting period, Presco Plc announced the issuance of N34.5 billion 7-year Series 1 fixed rate bonds under its N50 billion bond issuance program .

  • The disclosure was contained in a statement issued by the Managing Director of Presco Plc, Mr. Felix Nwabuko.
  • Nwabuko said the bond has attracted participation from a wide range of investors, including pension funds, asset managers, insurance companies, banks and high net worth individuals.
  • Nwabuko, during the signing ceremony of the bond issue at the company’s office in Benin, praised the institutional investors for supporting the transaction, adding that it was subscribed at 24% and at the price of a coupon of 12 .85%.

Ardova Plc listinged N25.3 billion in corporate bonds

FMDQ Securities Exchange Limited, through its Listings and Markets Committee, has admitted for listing Ardova Plc Fixed Rate Bonds N11.44 billion Tranche A and N13.86 billion Tranche B in under its N60.00 billion bond issuance program on its platform.

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  • Ardova Plc Managing Director Mr. Olumide Adeosu said: “We are humbled by the warm reception to our Series 1 Tranche A and Tranche B bonds issued by Nigeria’s ever-growing institutional investor community.
  • The 7- and 10-year tranches provide Ardova with much-needed flexibility to expand our operations and grow our footprint across the country.

Access Holdings announcesd $50 million closing (20.98 Billion Naira) Green Bonds

Access Holdings PIC has announced the successful closing of its $50 million (N20.98 billion) Reg S Progressive Green Notes due 2027 in the international capital market.

The company revealed this in a statement posted on the Nigerian Exchange Ltd website. (NGX).

  • The green bond was issued with a coupon of 5.50% the first two years, then changes (on the date of the put option) to 7.25% over the last 3 years until maturity , with interest payable semi-annually in arrears. This is Access Bank’s second green bond issuance, following its first Naira green bond issuance in 2019.
  • The statement reads in part, “Access Holdings Plc is pleased to announce that its banking subsidiary – Access Bank Plc – (rated ‘B’ l stable outlook by Fitch and ‘B2’ negative outlook by Moody’s) – a leading full-service Nigerian commercial bank with a presence in 17 countries has successfully priced a US$50 million Reg S Step-Up Green Notes due 2027 in the international capital market via a private placement.

Eat & Go Finance SPV Plc listed N3.50 Billion Series 2 Fixed Rate Bond

FMDQ Securities Exchange Limited has admitted to listing on its platform the N3.50 billion Eat & Go Finance SPV PLC fixed rate bond under its N15.00 billion bond issuance program of naira.

  • According to the company, Eat & Go Finance SPV Plc is a special purpose finance vehicle established by Eat ‘N’ Go Limited to raise funds in the debt capital market through the listing of debt securities.
  • Eat ‘N’ Go is a master franchisee for Domino’s Pizza, Cold Stone Creamery and Pinkberry Gourmet Frozen Yoghurt brands with over one hundred established stores in nine states of Nigeria.
  • Proceeds generated from the Eat & Go SPV Plc Series 2 Bond, which is sponsored by Chapel Hill Denham Advisory Limited, a Registrar (Listings) Member of the Exchange, will be used to fund reserve accounts and offset the costs of company capital expenditure. , among others.