The hospitality subsidiary of Transnational Corporation of Nigeria Plc, Transcorp Hotels Plc, on Monday, January 18, listed its Series 1 N10billion bond on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange.
The company successfully closed its Series 1 & 2 bonds at the last quarter of 2015 and has raised a total of N19.758billion.
Series 1 which is now listed, is a 7-year bond issued at 16.00 per cent fixed rate and maturing in 2022.
With this development, the company’s bonds are now available at the bond markets, and the investing public can trade and derive value from their investments. Such a major accomplishment reiterates the company’s resolve to continuously deliver value to all its stakeholders.
During the event at the NSE, 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.
He said Series 1 was oversubscribed by 30 per cent, while Series 2 was 98 per cent subscribed, indicating a testimony of undeniable investor confidence to the achievements and leadership of the company.
Ozigbo said: “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 iconic Transcorp Hilton, Abuja.”