Axxela Lists N11.5bn Bond on NSE, Beats Closing Gong

By Tenebe Anthonia

Axxela Limited has joined the register of companies to successfully raise capital on the floor of the Nigerian Stock Exchange (NSE) even in these challenging times.

The company listed the Axxela Funding 1 Plc’s N11.5 billion Series 1; 14.30 per cent Fixed Rate Bond due 2027, under the N50.0 billion Bond Issuance Program on Thursday, July 16, 2020. The listing was commemorated with a digital Closing Gong ceremony.

Speaking on the listing, the Chief Executive Officer, NSE, Mr Oscar Onyema, stated, “I congratulate Axxela Limited on the listing of the Axxela Funding 1 Plc Series 1 N11.5 billion bond.

“It is worthy of note that this debut debt issuance was over-subscribed by 24 per cent, and I must commend the management of Axxela as well as the professional parties to the issue for this laudable achievement.

“The admittance of the Axxela bond is a testament to the opportunities the exchange continues to avail to corporates in diverse business areas and our commitment to supporting stakeholders effectively even as they carry on their activities in the face of the pandemic.”

Commenting on the transaction, the Managing Director, Axxela Limited, Mr Bolaji Osunsanya said, “We are pleased to mark this historic occasion with the management team of the exchange, investors and all other key stakeholders, particularly our bond holders.

“Despite these peculiar times, Axxela has remained resilient and we are quite pleased with the resounding support received from the capital market.

“The success we have achieved in this issuance is evidence of the increasing confidence in our company’s reputation, brand and performance, and we look forward to returning to the market as we continue to grow.”

Mr Osunsanya was also given the opportunity to sound the digital closing gong signalling the end of trading to the applause of Mr Onyema and the doyen of the market, Mr Rasheed Yussuff.

Since March 24, NSE has successfully listed: LAPO Microfinance Bank’s N6.2 billion bond; 900,000 units of the NewGold ETF valued at N7 billion; Dangote Cement Plc’s N100 billion bond; UACN Property Development Plc’s N16 billion rights issue; FBNQuest Merchant Bank’s Series-1 N5 billion bond; Flour Mills’ N12.5 billion and N7.5 billion bonds; Primero BRT Securitisation SPV Plc bond worth N16.1 billion bond; Golden Guinea Breweries Plc’s N1.2 billion private placement; and several government bonds worth over N797 billion.