Real estate company, Lekki Gardens Estates Limited, said that it has redeemed the N3.48bn series 1 (Tranche A) commercial paper approved by the FMDQ Securities Exchange Limited in June 2022.
“The past year was characterised by major headwinds which included the sustained increases in construction material prices, unprecedented rise in energy costs, further weakening of the local currency, rising inflation and interest rates among other factors.
“But we continue to take all necessary measures to remain focused and adaptable to sustain the brand’s consistent growth and performance over the years.” The company first stepped into the local debt capital market in 2021 to raise N3.5bn in three-year tenured private notes under the private corporate bond window of the FMDQ. The company has to date successfully met all coupon payments in line with the terms of the notes.
Lekki Gardens said it planned to pursue further capital-raise opportunities in the domestic capital market to support its growth strategy.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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