The Nigerian Stock Exchange (NSE) has listed N9billion bond for Forte Oil as part of the planned N50 billion bond issuance programme for the leading energy company.
Under the arrangement, proceeds of the N9 Billion Series 1, five year bond will be deployed to refinance existing short term commercial bank loan obligations and to expand downstream retail outlet footprints amongst others.
Speaking at the ceremony, the Group Managing Director, Mr. Akin Akinfemiwa said:“This bond programme, being the first in the downstream sector, is a testament to Forte Oil’s leading position within the downstream sector”.
United Capital Limited served as the lead Financial Advisor/Issuing House to the transaction, while Boston Advisory Ltd., FBN Capital Ltd., Planet Capital and Vetiva Capital Management were joint Financial Advisors/issuing House.
Speaking on the listing, Haruna Jalo-Waziri, Executive Director, Capital Market Division, NSE said “we are pleased to be a partner to Forte Oil in its quest to expand its franchise by raising fresh capital through bonds. As the pioneer Exchange, we will continue to provide our issuers with bespoke financing options that will place them in vantage position to compete regionally and globally”.
Photo Caption: L – R shows Oscar N. Onyema, OON, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Akin Akinfemiwa, Group Chief Executive Officer, Forte Oil Plc and Oluwatoyin Sanni, Group Chief Executive Officer, United Capital Plc at the listing of Forte Oil Plc N9 Billion Series 1:5 year fixed rate unsecured bond at the NSE on Tuesday.
