Ardova Plc to raise N60bn through bond issuance

Ardova Plc has announced the establishment of its N60 billion bond issuance programme (and the successful issuance of ₦11.444 billion  7-year 13.3% fixed rate bonds and ₦13.856 billion  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.

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