By Dipo Olowookere
The 5-year corporate bond issued by Dana Group of Companies Plc in 2014 has matured, Business Post has confirmed.
In April 2014, the management of Dana Group sold N4.50 billion worth of fixed rate secured bonds to investors in an effort to raise funds to support its operations.
The debt instrument was offered at N1,000 per unit with a coupon rate of 16 percent.
Information at our disposal indicated that on Monday, April 1, 2019, the bonds matured and the bond holders settled.
When the notes were issued, Dunn Loren Merrifield acted as Lead Issuing House/Book Runner for the exercise.
At its maturity, the bonds were delisted on the trading platform of the Nigerian Stock Exchange (NSE).
Dana Group is one of the leading industrial conglomerates in Nigeria with operations across a diverse range of sectors, with manufacturing facilities, trading capabilities and wide distribution networks.
The Group comprises strategically positioned subsidiaries and associate companies principally engaged in the manufacturing and marketing of plastic products, pharmaceutical products, bottled water, milling of steel, assembly, sales and servicing of motor vehicles, and aviation.
The company was founded in Dubai in 1991 by Dr Birbal Singh Dana and has now grown to over 500 members.
