UACN Property Development Company (updc) Plc has received regulatory approval to list its N4.355 billion bond on the Nigerian stock exchange NSE.
UPDC, a subsidiary of UAC of Nigeria UACN Plc, will be listing the N4.355 billion series 1 senior guaranteed fixed rate bond due 2023 under its N20 billion bond issuance programme.
UPDC has been leveraging on debts to fund its projects, after a slowdown in real estate market and stock market recession combined to shrink access to long-term capital.
Attempt by the company to raise equity funds last year was only partially successful as it was only able to secure half of the funds it sought under the capital raising.
UPDC had launched a rights issue of 1.719 billion ordinary shares of 50 kobo each to existing shareholders at N3 per share in a bid to raise N5.16 billion.
However, the company only recorded subscription for 879.65 million ordinary shares valued at N2.64 billion.