The Managing Director/Chief Executive Officer of Transcorp Hotels Plc, Valentine Ozigbo on Friday announced a successful naira bond market transaction, the issuing of a total of N9.758 billion.
This is the second tranche in its N30 billion medium term bond programme registered with the Securities and Exchange Commission (SEC).
Ozigbo said the funds realised from the issue will be used to finance the upgrade of the company’s flagship hotel, Transcorp Hilton Abuja, building of new hotels and the construction of a 5,000 seater multipurpose banquet centre. The total amount the company has been able to raise till date is N19.758 billion.
The Series 2 Bond will carry a gross coupon of 15.50 per cent per annum for a period of five years. The redemption on maturity will be at 100 per cent of the nominal amount of the Bonds.
The Bonds are available in denominations of N1,000, and will be listed on the main market of the Nigerian Stock Exchange and also the FMDQ OTC.
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