Nigeria: Forte Oil Raises N9 Billion From Capital Market Via Bonds Issuance

21 November 2016

Forte Oil Plc has raised its N9 billion from the capital market to support its operation and drive its expansion strategy. The bond is a 5 year fixed rate issue and the first series of its proposed N50 billion bond issuance programme.

According to the company, the funds raised would be deployed to refinance existing short term commercial bank loan obligations and to finance its retail outlet expansion. The company has an Issuer rating of A- long term and A1- short term rating by the Global Credit Rating Company (GCR).

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