Key Takeaways
- • Efficacy Development Plc raised N6.67 billion through its maiden Series 1 commercial paper issuance under a N50 billion commercial paper programme, according to The Sun Nigeria.
- • Pathway Advisors Limited acted as transaction sponsor, financial adviser, lead issuing house and lead arranger on the deal.
- • Proceeds will fund working capital and accelerate completion of Eighteen65 Ikeja (Block A), Eighteen65 Victoria Island and Peak Resorts and Golf Course.
- • The company is rated A3 short-term and BBB- long-term by Global Credit Rating Company, and A2 short-term and A- long-term by DataPro Limited.
Summary
Efficacy Development Plc, a Nigerian real estate and construction company, has raised N6.67 billion through its first commercial paper issuance, according to The Sun Nigeria. The issuance is the company's maiden Series 1 offering under its N50 billion commercial paper programme, with Pathway Advisors Limited serving as transaction sponsor, financial adviser, lead issuing house and lead arranger.
The company said the proceeds will meet working capital needs and accelerate the completion of several major projects, including Eighteen65 Ikeja (Block A), Eighteen65 Victoria Island and Peak Resorts and Golf Course. Efficacy added that the funding would improve operational capacity, sustain project delivery and support its expansion plans.
Chief Executive Officer Engr. Oyeleke Ajiboye said the successful issuance reflected investor confidence in the company's business operations and track record. He specifically cited encouragement from asset managers, insurance companies and other institutional investors. Pathway Advisors Founder and CEO Adekunle Alade described the transaction as an important test of Efficacy's credibility and ability to attract institutional capital, adding that the debut issuance reflected investor confidence in the company's management and growth prospects.
Efficacy says it has more than 18 years of experience in real estate development, building construction, civil engineering and infrastructure. The company reports having delivered more than 26 residential estate projects, sold 2,042 houses and 4,112 plots of land to over 6,200 customers, and holds a land bank of about 248 hectares across Abuja, Lagos, Ogun, Rivers and Osun states.
The company is rated A3 short-term and BBB- long-term by Global Credit Rating Company, and A2 short-term and A- long-term by DataPro Limited.
The company said the proceeds will meet working capital needs and accelerate the completion of several major projects, including Eighteen65 Ikeja (Block A), Eighteen65 Victoria Island and Peak Resorts and Golf Course. Efficacy added that the funding would improve operational capacity, sustain project delivery and support its expansion plans.
Chief Executive Officer Engr. Oyeleke Ajiboye said the successful issuance reflected investor confidence in the company's business operations and track record. He specifically cited encouragement from asset managers, insurance companies and other institutional investors. Pathway Advisors Founder and CEO Adekunle Alade described the transaction as an important test of Efficacy's credibility and ability to attract institutional capital, adding that the debut issuance reflected investor confidence in the company's management and growth prospects.
Efficacy says it has more than 18 years of experience in real estate development, building construction, civil engineering and infrastructure. The company reports having delivered more than 26 residential estate projects, sold 2,042 houses and 4,112 plots of land to over 6,200 customers, and holds a land bank of about 248 hectares across Abuja, Lagos, Ogun, Rivers and Osun states.
The company is rated A3 short-term and BBB- long-term by Global Credit Rating Company, and A2 short-term and A- long-term by DataPro Limited.
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