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Axella raises US$26mn fixed secure bond

The bond will be used to support the enterprise on many fronts. (Image source: MichaelGaida/Pixabay)

Axella, one of the growing power and gas firms based in Lagos, has raised a US$26mn fixed secure bond

The company announced that the issuance was 24 per cent oversubscribed with the mandate to accept an additional 15 per cent of the proposed issuance size bringing the total proceed to US$29mn.

Bolaji Okunsanya, managing director, Axella said that the issuance enables the company to pursue a multi-pronged strategy for optimising its operations and assets, expanding the company’s footprints and revolutionising the midstream sector.

According to Okunsanya, the bond will be used to support the enterprise on many fronts, but largely for the growth projects signifying the importance of local and international capital markets in the development of critical infrastructure.

“The success we have achieved in this issuance is evidence of the increasing confidence in our company's reputation, brand and performance and we look forward to returning to the market as we continue to grow.”

Oscar Onyeama, CEO of the Nigeria Stock Exchange, said that the conclusion of the issue bond was a testament to the opportunities the exchange continues to avail to corporate in diverse business areas and the Axella’s commitment to supporting stakeholders effectively as they carry out their activities in the face of the pandemic.

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