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Home Companies Company News

Transcorp Hotels Raise N10Billion Bond For Hotel Upgrade, New Investment

Nairametrics by Nairametrics
November 2, 2015
in Company News
Transcorp Hotels Raise N10Billion Bond For Hotel Upgrade, New Investment
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Transcorp has issued a N10 billion 7-year fixed-rate bond, due in 2022 under a N30 billion medium term bond programme.

The Series 1 Bonds are fully underwritten by FSDH Merchant Bank Limited and United Capital Plc.

FSDH Plc is the lead issuing house, while United Capital Plc and Stanbic IBTC Capital Limited are joint issuing houses.

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Transcorp Hotels Plc had in September raised N4.2 billion from an initial public offering (IPO).

The proceeds of the bond issue will be used to finance the upgrade of the company’s Hotel, Transcorp Hilton Abuja, and construction of a multipurpose banquet centre.

“This transaction represents part of our financing of the upgrade of the Transcorp Hilton Abuja and the development of a 5,000-seater multipurpose Banquet centre. The availability of funds enables us to enhance our financial flexibility by diversifying our sources of funding while significantly extending the maturity of the Group’s funding and ensuring optimal capital mix. We are delighted by the investor reception for Transcorp Hotels in the bond markets,” the Managing Director/Chief Executive Officer, Transcorp Hotels, Valentine Ozigbo, explained.

Tags: News ReviewTranscorp Hotels
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