Fresh from raising N23 billion through the issuance of a 23 billion Naira Series 1 Fixed Rate Senior Unsecured Callable Bond and getting $200 million investment from Payments giant Visa, Nigerian-based payments giant, Interswitch has listed its N23 billion bond on the Nigerian Stock Exchange.
Interswitch says that the N23 billion is part of N30 billion debt issuance programme and it will be used for the development of office premises, payment service bank license fees and general corporate purposes.
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, “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.” He went on to thank The Exchange for its support in achieving this feat.
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.
