Lekki Gardens Estates Limited has redeemed and repaid N3.48 Billion Series 1 (Tranche A) Commercial Paper issuance under the N25 billion Commercial Paper Programme to investors who subscribed to it.
In a statement obtained by BUSINESS METRICS, the company expressed gratitude to the market for the support and confidence reposed in its brand and operations. Recall that the commercial paper was approved by the FFMDQ Securities Exchange Limited in June 2022.
Managing Director and Chief Executive Officer of the company, Dr. Richard Nyong, said: “We very much appreciate the support and confidence of the market and are happy to have fully redeemed and repaid all subscribers to our first Commercial Paper issuance.”
He described the redemption as a testament to the strength and resilience of Lekki Gardens Estates Limited business despite the very challenging operating environment.
According to him, the past year was characterized by major headwinds such as 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,” he said.
What you should know
Lekki Gardens Estate Limited’s debut into the local Debt Capital Market was in 2021 when it raised N3.5 billion in 3-year tenured Private Notes under the Private Corporate Bond (PCB) window of the FMDQ. The company has to date successfully met all coupon payments in line with the terms of the notes.
Lekki Gardens intends to pursue further capital-raise opportunities in the domestic capital market to support its growth strategy. The company remains committed to delivering value to its various stakeholders and is confident in its capacity and ability to continue to blaze the trail in her sector
