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Axxela raises N12.4b in oversubscribed bond

Published by The Nation on Mon, 01 Jun 2020


By Taofik Salako, Deputy Group Business EditorAxxela Limiteds first bond issuance recorded a total subscription of N12.4 billion, 24 per cent above the offer size of N10 billion. Under the terms of the issue, Axxela can absorb additional 15 per cent of the offer size, giving the fast-growing gas and power firm opportunity to increase its issuance to N11.5 billion.The Axxela Funding 1 Plc Series 1 N10 billion seven-year fixed rate senior secured bond issue was issued under the companys N50 billion bond issuance programme. The bond was issued by Axxela Funding 1 PLC; a special purpose funding vehicle and wholly-owned subsidiary of Axxela Limited.Chief Executive Officer, Axxela Limited, Bolaji Osunsanya said the companys milestone debut market entry underpins the necessary symbiosis between private entities and the debt capital markets.We appreciate the support of all corporates, professional parties, and investors involved in the ratification and issuance process. The favourable response indicates the level of investor confidence in our companys reputation, brand, and performance, Osunsanya said.He noted that the funding will support the companys multi-pronged growth strategy of optimising its operations and assets, expanding its footprint, and revolutionising the midstream sector.As a prime portfolio company with demonstrated leadership within the sector, we remain uniquely positioned to satisfy the growing natural gas and energy demand across the sub-region, Osunsanya said.He added that Axxelas strategic diversification plans include a ramp up of its gas supply and trading activities across West Africa, alongside the build out of key power and virtual pipeline infrastructure.Chief Financial Officer, Axxela Limited, Tim Ononiwu described the bond issuance as another remarkable feat in the companys growth story as it provided an appropriate financing mix for its enterprise.According to him, the oversubscription of the first capital market issuance in such a challenging market is testament to the strengths and prospects of the company.This success avails us the liquidity to implement our business plans, while lowering our cost of capital. In addition, we are well positioned to access the market in the future, giving us the opportunity to continuously provide real value for our shareholders, Ononiwu said.Axxela is a Helios Investment Partners LLP portfolio company, and a designated natural gas shipper on the West African Gas Pipeline (WAGP). Axxela is also the pioneering private sector-led developer of natural gas distribution in Nigeria, delivering at peak 80 million standard cubic feet per day to over 180 industrial and commercial customers through its vast network of gas infrastructure.In 20 years, Axxela has built over 309km in gas pipeline infrastructure, and provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited, Gas Network Services Limited, Central Horizon Gas Company Limited and Transit Gas Nigeria Limited. Axxela is rated BBB+/Positive Stable by Agusto & Co and Bbb+/Stable by GCR.
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