Lekki Garden redeems N3.48 billion CP

Lekki Gardens has announced the successful redemption and repayment to all subscribers of its N3.48 billion Series 1 (Tranche A) commercial paper (CP) issuance under the N25 billion CP programme approved by FMDQ Securities Exchange Limited in June 2022.

The company commended its stakeholders for the support and confidence reposed in its brand and operations. The Managing Director and Chief Executive Officer of Lekki Gardens, Dr. Richard Nyong, while speaking on the successful CP redemption, stated: “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.

“The redemption is another testament to the strength and resilience of our business despite the very challenging operating environment. 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’s debut into the local capital market was in 2021 when it raised N3.5 billion in three-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.