VeritasiHomes & Properties Plc has opened book building for its Series 1 Bond under a N30 billion programme with a target size of up to N10 billion and pricing guidance of 19.00% to 20.00% per annumThe bond has a three-year tenor with a six-month principal moratorium, a minimum subscription of N10 million, and will be listed on FMDQ Securities ExchangeProceeds will fund the Oyster Towers project in Eko Atlantic City with strong credit ratings and security backed by a deed of debenture over assets valued at N57.19 billion OMV and N40.04 billion FSVPathway Advisors Limited (Lead Issuing House/Bookrunner) is pleased to announce that Veritasi Homes & Properties Plc’s Series 1 Bond Issuance is now open for book building.
The first tranche under its N30 billion Bond Issuance Programme, with a target size of up to N10 billion.
The book build opened on Monday, November 17, 2025, and will close on Wednesday, November 26, 2025. The indicative pricing range for the issuance is 19.00% – 20.00% per annum.
Key Terms of the Offer Issuer: Veritasi Homes & Properties PlcProgramme Size: N30 billionSeries Size: Up to N10 billionTenor: 3 yearsMoratorium: 6 months on principalPrice Guidance: 19.00% – 20.00% per annumMinimum Subscription: N10,000,000 (10,000 units at N1,000 per unit)Listing: FMDQ Securities ExchangeThe Offer is registered with the Securities and Exchange Commission, Nigeria
Use of Proceeds Proceeds from the Series 1 Bond will be used to finance Project Oyster Towers, an 82-unit luxury residential development located in Eko Atlantic City. To date, 63% of the units have been off‑taken under a subscription agreement with Cooplag.
Security & Credit Quality The Bonds are secured by an existing deed of debenture over Company assets, with an OMV of N57.19 billion and FSV of N40.04 billion. Additional credit enhancements include the domiciliation of receivables from sold units.
The Bond has strong credit ratings from leading credit rating agencies: – GCR: A and DataPro: AThe Company holds strong credit ratings from leading agencies: – GCR: Short Term Rating – (A3), Long Term Rating – (BBB-) and DataPro: (A1), Long Term Rating – (A-)Financial Advisers/Lead Issuing House/Bookrunner: Pathway Advisors Limited Joint Issuing Houses/Book-runners: FirstCap Limited, Renaissance Capital Africa, SCM Capital Limited, Wealthbridge Capital Limited & Lighthouse Capital Limited
Investor Participation Qualified institutional investors are invited to participate in the book-building process. Kindly click the link below for access to the Investor Data Room for the offer documents.
Insert Investor Dataroom Link
For further information, please contact: – Opeyemi Akanbi – [email protected] | 0902 743 2796 – Idris Busari – [email protected] | 0802 688 6728
NM Partners “NM Partners” encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under “NM Partners” does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under “NM Partners.” For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at [email protected]. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.
