Ardova Plc Announces Issuance of Series 1 Bond Under the N60bn Debt Issuance Programme

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Wednesday, November 17, 2021 / 01:41 PM / NGX / Header Image Credit: Ardova Plc


Ardova Plc (the "Company") is pleased to announce the establishment of its N60,000,000,000 (Sixty Billion Naira) bond issuance programme (the "Programme") and the successful issuance of N11,444,000,000 (Eleven Billion, Four Hundred and Forty-Four Million Naira) 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. 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".


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