Axxela Funding 1 Plc – Up to N10bn Series 1 Bonds Is Now Open


March 31, 2020

By Arthur Stevens Asset Mgt

We wish to inform you that Axxela Funding 1 PLC Series 1, up to NGN10 billion Seven-Year Fixed Rate Senior Secured Bonds (under the NGN50 billion Bond Issuance Programme) is NOW OPEN. Axxela Funding 1 PLC (the “Issuer” or the “SPV”) is the special purpose, funding vehicle incorporated by Axxela Limited (“Axxela”, the “Sponsor” or the “Company”) to access the domestic debt capital markets. The Book Build is expected to close on Tuesday, April 14, 2020.

Axxela, a wholly owned Helios Investment Partners LLP portfolio company (100% owned), is 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 via a vast network of gas infrastructure. The Company has significant presence in Nigeria and has expanded its gas export operations to neighbouring West African countries.

Axxela has achieved a series of “firsts”, being the first private company to attain a shipper’s license on the West African Gas Pipeline; first company in the Nigerian oil & gas space to simultaneously integrate and hold ISO Standards – ISO 9001:2015 (Quality Management Standard), ISO 14001:2015 (Environmental Standard) and ISO 45001:2018 (Occupational Health and Safety Standard).

The Sponsor was assigned a BBB+ long-term rating (with Stable Outlook) by GCR and Bbb+ long term rating (with Positive Outlook) by Agusto & Co given the Company’s leading position within the Nigerian natural gas distribution market, long-term distribution agreement with Nigerian Gas Marketing Company, its extensive customer base within the core Lagos and Port-Harcourt areas, long-term offtake contracts with its customers, adequate working capital, satisfactory cash flow, moderate and stable leverage and a very experienced Management Team.

The Pricing Range for the Issue is 13.80% to 14.30% per annum.

Proshare Nigeria Pvt. Ltd.

For further information; kindly send a request via

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