Transcorp Hotels Plc, yesterday, listed N10billion corporate bond simultaneously on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange Plc to become the first entity to be listed on both exchanges this year, despite persistent decline in the stock market.
The proceeds of the issue as explained by the Director/Chief Executive Officer, Transcorp Plc, Mr. Valentine Ozigbo would be used to enhance its financial flexibility by diversifying its sources of funding while significantly extending the maturity of the Group’s funding and ensuring optimal capital mix and part will also be used to finance the upgrade of the company’s hotel, Transcorp Hilton, Abuja, and to build a multipurpose 5000 seater banquet centre. The transaction was a 7-year fixed-rate bond due in 2022.
Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema said the listing is the first this year and also said the bond was over-subscribed by 30 per cent.
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