UPDC, C & I Leasing list N11.36b bond on NSE

UACN Property Development Company (UPDC) Plc and C & I Leasing Plc have listed their newly issued corporate bonds valued at N11.36 billion on the Nigerian Stock Exchange (NSE).

UPDC, a subsidiary of UAC of Nigeria (UACN) Plc, listed the N4.355 billion 16 per cent Series 1 Senior Guaranteed Fixed Rate Bond Due 2023 under its N20 billion Bond Issuance Programme.

The listing by way of introduction provided bondholders opportunity to trade on their investments and allow new investors to participate in the issue.

UPDC had offered 4.355 million units of the 16 per cent bond at N1,000 per unit. The issue was fully subscribed.

C & I Leasing listed 7.0 million units of its 16.54 per cent Senior Secured Series 1 Bond. It had offered 7.0 million units at N1,000 per units.

Companies have increasingly turned to corporate debt issue to bridge the gap between the apathy in the primary equities market and funding requirements for corporate growth.

UPDC, for instance, has been leveraging on debts to fund its projects, after a slowdown in real estate market and stock market recession combined to shrink access to long-term capital.

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