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Home Business News

Interswitch records successful sale of first bond issue

Joseph Olaoluwa by Joseph Olaoluwa
October 24, 2019
in Business News, Company News
Mitchell Elegbe, the founder of Interswitch

Mitchell Elegbe, the founder of Interswitch

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Interswitch Limited, has announced the successful issuance of a N23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds issue, under its NGN30 billion Debt Issuance Programme. The facility was raised through Interswitch Africa One Plc, a special purpose vehicle.

The successful sale of the bonds is linked to investor confidence in the company’s brand, business model and long-term strategy, supported by strong domestic ratings from both Agusto & Co. Limited and Moody’s Investor Service. 

The Details: The investors that participated in the bond sale were qualified institutional investors identified by the Securities and Exchange Commission (SEC) who proposed an allocation of 64% to pension fund managers, 7% to asset managers and 20% to commercial banks subject to SEC ’s approval. 

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READ MORE: Interswitch reignites plans to launch IPO in 2019

An elated Mitchell Elegbe, the founder of Interswitch could not hide his joy at the success of the first bonds issuance under its capital raising programme, at an event which held yesterday. He was also pleased with the confidence bestowed on his brand by investors.  

Elegbe said: “Diversifying our funding sources through the inclusion of these bonds will enable us achieve our strategic objectives and vision. FBNQuest Merchant Bank and Stanbic IBTC Capital acted as Lead Financial Advisors as well as Issuing Houses and ABSA Capital Markets. 

Nigeria, FCMB Capital Markets, Quantum Zenith Capital & Investments and Rand Merchant Bank Nigeria, as Joint Issuing Houses.” 

What you should know: The issuer was assigned “Aa3” national scale programme rating by Moody’s and “Aa” national scale rating by Agusto, based on positive secular industry shifts, a strong market position as well as a good liquidity profile. In addition to this, the sponsor was also assigned an “Aa” rating by Agusto. 

READ ALSO: Verve reiterates commitment to promote efficiency in payment solutions delivery 

In a recent Nairametrics article, Interswitch announced a partnership with Microsoft to launch its innovative blockchain-based supply chain financing service. The initiative was expected to bring together entrepreneurs, major financial institutions and corporate organisations, all on a single platform to provide end-to-end visibility that will ensure fast and seamless trade financing in supply chain operations. 


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Tags: Debt Issuance ProgrammeInterswitch Limited
Joseph Olaoluwa

Joseph Olaoluwa

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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