CardinalStones Partners list N5bn Series I bond on the FMDQ Securities exchange

· Company says plans are underway to list bond on the NGX

Charles Abuede

CardinalStone Partners Limited, a full-service investment banking firm and financial services company has made public the listing of CardinalStone Financing SPV Plc N5 billion Series I Bond on the FMDQ Securities Exchange Limited. The company, in a statement, explained that the close was successful and was the lowest priced bond by any non-bank financial institution for a 5-year tenor within the last ten years.

CardinalStone further revealed that the successfully listed bond on the FMDQ’s Daily Quotations List was the first tranche of its N10 billion Bond issuance programme and is a 5-year 7 per cent fixed rate senior unsecured Bond due for 2025 and thus, affords investors who already hold the Bond to trade them while new investors will also have the opportunities to buy bonds on the secondary market. The company further said that the issue and listing exercise would enable CardinalStone to deliver its mission of being the most trusted long term adviser and financier to its target clients.

Michael Nzewi, the managing director of CardinalStone Partners limited while commenting on the successful bond issue, said, “The full subscription level recorded demonstrates investors’ confidence in CardinalStone and the ability of our management team to create value. This longer tenor debt capital injection will enable the Company to execute the next phase of its mid-to-long-term growth strategy. By successfully raising this financing, the Company is better positioned to sustain its impressive growth in the coming years.”

In the words of Onyebuchim Obiyemi, the company’s Head of Investment Banking, noted that “We are excited about the successful listing of the CardinalStone Financing SPV N5 billion Series I Bond on the FMDQ Exchange and that the registration and listing process was swift and straightforward, which is a testament to the efficiency at FMDQ. This listing is a major accomplishment for the firm and reiterates the company’s resolve to continuously deliver value to all its stakeholders.”

The company also attributed the success of the issue and listing to the support of all professional parties, including Chapel Hill Denham Advisory Partners Limited, which acted as the Lead Issuing House and Book Runner; while FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited and FSDH Capital Limited also acted as Joint Issuing Houses and Book Runners.

Moreover, the company has hinted that it is working towards the listing of the bond on the Nigerian Exchange Limited.