Nova Merchant Bank has announced that it is seeking to raise N10 billion from the Nigerian Stock Exchange through its ongoing bond issue.
The bank said that the N10 billion bond is being offered as a 7-year fixed rate subordinated unsecured bond under its N50 billion debt issuance programme.
The bond has a price range of 12 per cent to 12.50 per cent. The Offer opened June 30, will close on July 8, 2020.Anya Duroha, managing director/CEO, Nova Merchant Bank said the funds raised would be used to strengthen the bank’s capital base.
Duroha said that proceeds from the bond would be invested in long-term risk assets, as part of its medium-term growth strategy.
Phillips Oduoza,Nova Merchant Bank’s chairman said that the bank would continue to focus on digital banking, provision of long-term funding, wholesale and investment banking, while maintaining a lean operating philosophy.Nova Merchant Bank is rated BBB by Agusto & Co.
Popular Posts
