Forte Oil Plc, an integrated energy service provider, has successfully raised N9 billion bond under its N50 billion bond issuance programme.
The funds raised will be used to refinance existing short term commercial bank loan obligations and to finance the retail outlet expansion of the company.
The company has an Issuer rating of A- long term and A1- short term rating by the Global Credit Rating Company (GCR). Speaking on the development, the Group Chief Executive Officer, Forte Oil, Mr. Akin Akinfemiwa said: “With the raising of this initial capital which has been fully underwritten shows the confidence the investing public has in Forte Oil Plc as an investment of choice.
This bond programme being the first in the downstream sector, is testament to Forte position within the downstream sector and allows the company to actualise the vision of the Board to continue to provide value to its shareholders regardless of the economic climate.”