Business and Economy

Interswitch lists N23 billion Bond on the Nigerian Stock Exchange

Interswitch, a leading technology-driven company with a focus on the digitisation of payments in Nigeria and other African countries has listed N23 billion Bond on the Nigerian Stock Exchange.

The Callable Senior Unsecured Bond, with a tenor of seven years, at a fixed rate of 15 per cent, is part of a N30 billion Debt Issuance Programme issued through 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,” he said.

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 a first step in a new phase of our journey and we are determined to keep going.”

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

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