Interswitch to list N23 billion Bond on NSE

Interswitch Limited has announced its intentions to list N23billion Bond on the Nigerian Stock Exchange last Friday, January 31, 2020.

According to a notice filed by the firm to the Nigerian Bourse, the Callable Senior Unsecured Bond, carries a tenor of seven years, at a fixed rate of 15%.

The bond is part of a N30 billion Debt Issuance Programme to be issued via a Special Purpose Vehicle – Interswitch Africa One Plc.

Commenting on the listing, the Chief Executive Officer of the NSE, Mr Oscar N. Onyema, OON, congratulated the management of Interswitch Limited and the professional parties to the issue for a successful debt capital raise and the subsequent listing of the bond on The Exchange.

“We are pleased to be a partner to Interswitch Limited in its quest to expand its footprints by raising fresh capital. We see a win for Interswitch as a win for Nigeria. As a sustainable Exchange and a premiere listing destination, we are committed to supporting our issuers with tailored financing options that will place them in a vantage position to compete in the regional and global markets.”

The Group Managing Director/Founder Interswitch Limited, Mr Mitchell Elegbe said,

“We are delighted with the outcome of our capital raising efforts. We have evolved over the past 17 years into a technology unicorn focused on providing digital solutions to customers in Nigeria and across Africa. We, therefore, see this listing as the first step in a new phase of our journey and we are determined to keep going.” He went on to thank The Exchange for its support in achieving this feat."

Parties to this transaction were FBNQuest Merchant Bank and Stanbic IBTC Capital who acted as Lead Financial Advisors/Issuing Houses and ABSA Capital Markets Nigeria, FCMB Capital Markets, Quantum Zenith Capital & Investments and Rand Merchant Bank Nigeria.