Alert: Forte Oil Raises N9 billion Via Corporate Bonds @17.5% Interest Rate

  • Forte Oil Nigeria Plc has raised N9 billion naira ($30 million) with the sale of five-year bonds carrying an interest rate coupon of 17.5%, under a 50 billion naira debt programme, its advisers said on Tuesday.
  • The bond was issued at a par value of 1,000 naira each and was fully subscribed, they said in a statement.
  • Forte Oil said in March it planned to raise capital to expand its operations in the West African country either through a share or bond sale.
  • Source: Reuters

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