NSE lists Forte Oil’s N9bn bond

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8 years ago

THE Nigerian Stock Exchange, as part of the planned N50 billion bond issuance programme for Forte Oil, has listed a firmly underwritten nine billion naira bond.

The proceeds of the N9billion Series1, five year bond would be deployed to refinance existing short term commercial bank loan obligations and to expand downstream retail outlet footprints amongst others.

Speaking on the listing at the exchange on Tuesday, 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.”

The Group Managing Director, Mr Akin Akinfemiwa, noted that the bond programme, being the first in the downstream sector, was 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.

The year seems to have started on a busy note for the Exchange with spate of listings on the bourse. So far, two companies, Medview Airline and Jaiz Bank were listed by introduction, Stanbic IBTC Asset Management Limited listed Pension ETF 40, while Top Services Limited listed a REITs. ‎