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Home Spotlight

Forte Oil To Borrow N9 billion Via Bonds

Nairametrics by Nairametrics
November 14, 2016
in Spotlight
Forte Oil To Borrow N9 billion Via Bonds
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Nigeria’s oil and gas firm, Forte Oil Plc has finalized plans to raise about N9 billion via corporate bonds. According to information contained in the prospectus obtained by Nairametrics, the company is looking to raise N9 billion for a 5 year tenor and at a coupon of 5 years FGN plus 2%. The bond offering is the first series of a N50 billion bond issuance programme.

The information in the prospectus also reveals that the bond is unsecured but fully underwritten by the following parties;

Boston Advisory Limited – N850,000,000

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Utilization

Forte Oil reveals in the prospectus that it plans to use the funds to ;

  1. Refinance existing commercial bank loan obligations 6,003,261,999 (70.00% of the funds)
  2. and to  Immediately finance the Company’s retail outlet expansion strategy 2,572,826,571 (30.00% of the funds)

Forte Oil currently has about N44 billion in external debts. N11 billion of the loans was used to acquire Geregu Power plant while another N25 billion are short term loans used for petroleum products importation.

Tags: Forte OilOIl and Gas News
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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