Business

N11.5bn bond: Axxela achieves dual-listing on NSE, FMDQ

Axxela Limited has successfully achieved a dual-listing of Axxela Funding 1 Plc N11.5billion Series 1 Bond, on the Nigerian Stock Exchange (NSE) and the Financial Market Dealers Quotation, over-thecounter (FMDQ-OTC) market. The Senior Secured Bond Issue with a 7-year fixed rate is part of its N50 billion Debt Issuance Programme issued through a special purpose vehicle – Axxela Funding 1 Plc.

To commemorate the successful debut on the NSE, Axxela’s Chief Executive Officer, Bolaji Osunsanya rang the closing gong on Thursday, July 16, 2020. Speaking at the virtual event, he said: “We are extremely pleased, as this is another first for us—the first corporate bond issuance in Nigeria’s midstream space.

 

“The success of this issue and subsequent listings, are significant indicators of the increasing investor confidence in our company’s reputation, brand, and performance.

 

Our milestone debut market entry also emphasises the necessary collaboration between private entities and debt capital markets, as it enables us to pursue our multi-pronged growth strategy of optimising our operations and assets, expanding our footprint, and revolutionising the midstream sector.

 

“The bond proceeds will be used to support our enterprise on many fronts, but largely for growth projects, signifying the importance of local and international capital markets in the development of critical infrastructure.” Commenting on the listing, the Chief Executive Officer of the NSE, Oscar Onyema, said: “We would like to congratulate Axxela for its commitment and achievement in building this reputable brand which operates in the West African gas space.

 

“It is worthy of note that this issue which marks Axxela’s debut debt issuance was oversubscribed, giving an indication of the level of confidence in Axxela’s brand and corporate performance. NSE remains the trusted business partner in achieving your business strategy and is committed to helping issuers derive great value from their interaction in the market.”

 

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