Interswitch lists N23bn bond on NSE

By Omobayo Azeez

Electronic payment solution provider, Interswitch Nigeria , has listed a new bond valued at N23 billion at the Nigerian Stock Exchange (NSE) on Friday.

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, Oscar Onyema, the chief executive officer of the NSE, 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 bourse.

He said: “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.”

Similarly, Mitchell Elegbe, the group managing director/founder of Interswitch expressed delight with the outcome of the capital raising efforts.

He said the company has 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 said as he went on to appreciate management of the NSE for its support in realizing the listing dream.

Meanwhile, parties to the transaction are FBNQuest Merchant Bank and Stanbic IBTC Capital as lead financial advisors/issuing houses and ABSA Capital Markets Nigeria, FCMB Capital Markets, Quantum Zenith Capital and Investments and Rand Merchant Bank Nigeria.