Ardova establishes N60bn bond issuance programme

Ardova Plc has announced the establishment of its N60billion bond issuance programme and the successful issuance of N11.444billion 7-year 13.3% fixed rate bonds and N13.856billion 10-year 13.65% fixed-rate bonds. These bonds are tranches A and B respectively of the series 1 bonds under the Programme.

The bonds are duly registered with the Securities and Exchange Commission (SEC). An application will be made to list the Bonds on the FMDQ Securities Exchange Limited, according to a notice by the company released on the Nigerian Exchange Limited (NGX) and signed by Oladeinde Nelson-Cole, Company Secretary/General Counsel.

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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, 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.”