The Firm is pleased to have advised Axxela Limited in the establishment of its ₦50 Billion Bond Issuance Programme and the issuance of its ₦11.5 Billion Series 1 Bonds with a 24% oversubscription.
Axxela Limited, a portfolio company with a vision of becoming the preferred and fastest-growing gas & power firm in sub-Saharan Africa, has concluded the Axxela Funding 1 PLC Series 1 ₦10 billion Seven-Year Fixed Rate Senior Secured Bond Issue (under the ₦50 billion Bond Issuance Programme).
The Series 1 Bonds were issued by Axxela Funding 1 PLC; a special purpose funding vehicle and wholly-owned subsidiary of Axxela Limited. At the conclusion of the book build, the ₦10 billion issuance was 24% subscribed, and this oversubscription presented the Company with the mandate to accept an additional 15% of the proposed issuance size. This brings the Series 1 total proceeds to ₦11.5 billion.
The Firm is pleased to have acted as Solicitor to the Offer led by Ayodeji Oyetunde and supported by Chidiebere Odoemenam and Chiderah Azodoh.