Axxela Funding 1 Plc - Up to N10bn Series 1 Bonds Issuance Coming Soon

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Thursday, March 12, 2020 11:14 AM / By Arthur Stevens Asset Mgt / Header Image Credit: Twitter; @AxxelaGroup

 

We are pleased to inform you of the imminent commencement of book building for Axxela Funding 1 PLC's Series 1, up to NGN10 billion seven-year Fixed Rate Senior Secured Bonds, under its NGN50 billion Bond Issuance Programme. Axxela Funding 1 PLC (the "Issuer" or the "SPV") is the funding vehicle incorporated by Axxela Limited ("Axxela", the "Sponsor" or the "Company") to access the domestic capital markets.

 

Axxela is a Helios Investment Partners LLP 100% owned portfolio company, and a designated natural gas shipper on the West African Gas Pipeline. The Company is also the pioneering private sector led developer of natural gas distribution in Nigeria, delivering at peak 80 million standard cubic feet per day to over 180 industrial and commercial customers via a vast network of gas infrastructure. With over 302km in gas pipeline infrastructure built, Axxela provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, Transit Gas Nigeria Limited, and Central Horizon Gas Company Limited. The Company has significant presence in Nigeria and has expanded its gas export operations to neighbouring West African countries.

 

Axxela has achieved a series of "firsts", being the first private company to attain a shipper's license on the West African Gas Pipeline; first company in the Nigerian oil & gas space to simultaneously integrate and hold ISO Standards - ISO 9001:2015 (Quality Management Standard), ISO 14001:2015 (Environmental Standard) and ISO 45001:2018 (Occupational Health and Safety Standard).

 

The Sponsor was assigned a BBB+ long-term rating with Stable outlook by GCR due to its position within the Nigerian natural gas distribution market, long-term distribution franchise granted by Nigerian Gas Marketing Company and the exclusive franchise within the core Lagos and Port-Harcourt regions. The sponsor was also granted a Bbb+ long term rating with Positive outlook by Agusto & Co on account of profitability, adequate working capital, satisfactory cash flow, moderate leverage and stable as well as experienced management team.

 

Please find below a summary of the Offer;

Proshare Nigeria Pvt. Ltd.

For further information; kindly send a request via info@arthursteven.com

 

Proshare Nigeria Pvt. Ltd.


Related to Axxela

  1. Axxela Rated BBB plus Long-Term (NG), A2 Short-Term (NG)- GCR; Outlook Stable
  2. GACN Issues Gas Purchase Order to Axxela and NGMC Joint Mini LNG Project
  3. Oando PLC Announces Divestment of its Residual 25% Interest in Axxela Limited
  4. Axxela Now 100 Percent Owned by Helios
  5. Axxela Achieves Initial Issuer Rating of BBB (NG); Outlook Stable
  6. Axxela Expands Gas Supply Across West Africa
  7. Axxela Submits EIIJ Feasibility Study to NNPC
  8. Oando Gas & Power Rebrands as Axxela
  9. Oando Plc Awarded EPC Mandate to Develop Ajaokuta-Kaduna-Kano Gas Pipeline Project by the NNPC

 

Proshare Nigeria Pvt. Ltd.


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