Key Highlights
- Lekki Gardens Estate Limited has repaid all subscribers of its N3.48 Billion Series 1 commercial Paper issuance
- The past year was characterized by major headwinds which included sustained increases in construction material prices.
- FMDQ Exchange through its Board Listings and Markets Committee, last year approved the registration of the Lekki Gardens Estate Limited N25.00 billion Commercial Paper Programme on its platform.
Lekki Gardens Estate Limited has announced the redemption and repayment to all subscribers of its N3.48 Billion Series 1 (Tranche A) Commercial Paper issuance under the N25 billion Commercial Paper Programme approved by FMDQ Securities Exchange Limited in June 2022.
The company stated this in a statement made available to Nairametrics.
Dr. Richard Nyong, the Managing Director and Chief Executive Officer of Lekki Gardens while speaking on the CP redemption stated the company appreciates the support and confidence of the market and is happy to have fully redeemed and repaid all subscribers to its first Commercial Paper issuance.
- “This redemption is another testament to the strength and resilience of our business despite the very challenging operating environment. The past year was characterized by major headwinds which included the sustained increases in construction material prices, unprecedented rise in energy costs, further weakening of the local currency, and rising inflation and interest rates among other factors. But we continue to take all necessary measures to remain focused and adaptable to sustain the brand’s consistent growth and performance over the years, “Nyong said.
Nyong noted that the company’s debut into the local Debt Capital Market was in 2021 when it raised N3.5 billion in 3-year tenured Private Notes under the Private Corporate Bond (PCB) window of the FMDQ.
He explained that the company has to date met all coupon payments in line with the terms of the notes.
- “Lekki Gardens intends to pursue further capital-raise opportunities in the domestic capital market to support its growth strategy. The company remains committed to delivering value to its various stakeholders and is confident in its capacity and ability to continue to blaze the trail in her sector,” Nyong said.
What you should know
Lekki Gardens Estate Limited is an independent luxury real estate company in Nigeria that provides real estate solutions in the areas of property development, facility management, and sales of real estate products and services with special skills in service delivery.
FMDQ Exchange through its Board Listings and Markets Committee, last year approved the registration of the Lekki Gardens Estate Limited N25.00 billion Commercial Paper (CP) Programme on its platform.
FMDQ in a statement said it continues to propel businesses, corporates, and government entities to achieve their strategic objectives and ensure prosperity within the Nigerian financial markets and the wider economy.
The CP Programme, which was sponsored by Boston Advisory Limited – a Registration Member (Quotations) of the Exchange, positions the Issuer to raise short-term finance from the Nigerian debt capital market (DCM), through CP issues within its CP Programme limit.