By Chinwendu Obienyi
Lekki Gardens has announced the successful redemption and repayment to all subscribers of its
N3.48 Billion Series 1 (Tranche A) Commercial Paper issuance under the N25 billion Commercial Paper (CP) Programme approved by FMDQ Securities Exchange Limited in June 2022.
In a statement obtained by Daily Sun, the company said it was grateful to the market for the support and confidence reposed in her brand and operations.
The Chief Executive Officer, Lekki Gardens Dr. Richard Nyong, while speaking on the successful CP redemption stated the firm appreciates the support and confidence of the market and is happy to have fully redeemed and repaid all subscribers to its first CP issuance.
According to him, this redemption is another testament to the strength and resilience of the firm’s business despite the very challenging operating environment.
Nyong said, “The past year was characterized 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’s debut into the local Debt Capital Market was in 2021 when she raised N3.5 billion in 3-year tenured Private Notes under the Private Corporate Bond (PCB) window of the FMDQ.
According to the statement, 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 thereafter said it 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.