NSE Delists Tower Funding Plc N4.63b Bonds on Maturity

By Modupe Gbadeyanka

The two corporate bonds issued in September 2011 by Tower Funding Plc have been delisted on the Daily Official List of the Nigerian Stock Exchange (NSE).

The N4.63 billion papers were issued by the firm under the N9.00 billion Tower Funding Plc Medium-Term Note Programme.

Tower Funding issued N3.63 billion worth of Tranche A 7-year paper at 7 percent and N1 billion worth of the Tranche B 7-year note at 5.25 percent.

Business Post gathered that the senior unsecured bonds were had Dunn Loren Merrifield as the Lead Issuing House/Book Runner, while Sterling Bank Plc acted as the Issuing House/Book Runner.

According to a document from the NSE obtained at the weekend by Business Post, the stock market regulator delisted 3.63 million units of the Tranche A bond with the face value of N1,000, and 1 million units of the Tranche B paper with the same face value.

Both notes were delisted by the NSE on Monday, September 10, 2018 after maturity.

Tower Funding Plc is a funding vehicle owned by the Tower Companies, who are jointly and severally liable for the bonds.

The Tower group of Companies comprise Tower Aluminium (Nigeria) Plc, Kolorkote Nigeria Company Ltd, Asaba Aluminium Company Ltd, Borno Aluminium Company Ltd, Queensway Aluminium Company Ltd, and Tower Roofing Systems Limited.

In October 2011, Tower raised N4.63 billion in Series 1 Bonds, under the N9bn Medium Term Note Programme.

The notes were structured into two tranches (A and B) and were utilised mainly towards loan repayments.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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