The Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange yesterday listed the Transcorp Hotels Plc N10 billion Series 1, 7-Year 16 per cent Fixed Rate Unsecured Bonds under a N30 billion Medium-Term Bond Programme. Transcorp Hotel is the the hospitality subsidiary of Transnational Corporation of Nigeria Plc (Transcorp Plc). The company successfully closed its Series 1 & 2 bonds at the last quarter of 2015 and raised a total of N19.758 billion. Series 1, which was listed yesterday willmature in 2022.
Speaking during the listing of the bond on the two platforms, the Managing Director/CEO of Transcorp Hotels Plc, Valentine Ozigbo, expressed his excitement over the successful completion of the company’s Series 1 & 2 bonds. According to him, Series 1 was oversubscribed by 30 per cent while Series 2 was 98 per cent subscribed a testimony of undeniable investors’ confidence to the achievements and leadership of the company.
“By successfully raising these funds, we now have sufficient funding for our immediate priority projects especially the upgrade and expansion of the multi –award winning and iconicTranscorp Hilton Abuja. “By this listing, we have kept our promise to deliver value to all stakeholders and we will continue to do so,”he said.
In his comments, the Executive Director, Capital Markets, NSE, Mr. Haruna Jalo-Waziri stated: “The NSE is committed to providing a reliable and efficient capital market for companies and governments to raise funds for economic expansion. In this challenging time, our market is robust enough to cater to capital needs that traditional lenders cannot handle.
On his part, Managing Director/CEO of the FMDQ, Mr. BolaOnadele.Koko said: “FMDQ remains steadfast in its commitment to facilitate growth and development in the Nigerian financial market, with specific focus on the debt capital market, and the Nigerian economy at large, and has actively commenced the year on initiatives being developed to address this growth and development. The decision by the management of Transcorp Hotels Plc to list its N10.00 billion bond on FMDQ is one that will under no circumstance, be regretted.”
The Group CEO of United Capital Plc, sponsor of the bond on FMDQ, Oluwatoyin Sanni,
said: ‘We are delighted to have played a leading role in the successful execution of the Transcorp Hotels Series I Bond Issue. Coming from a successful 2015, United Capital remains committed to making significant contributions to the success of our esteemed clients. This transaction represents one of the ways we support leading businesses through our expertise in capital raising.