what’s next for Nigeria’s first unicorn?

On the back of a substantial investment that confirmed its unicorn status in 2019, Interswitch Limited, who set the ball rolling for fintechs in Nigeria, has taken yet another step in its bid for expansion, with the issuance of bonds on the Nigerian Stock Exchange.

In October 2019, Interswitch Group concluded a ₦23 billion ($63.3 million) series 1 Fixed Rate Senior Unsecured Callable Bonds issue, with the Securities and Exchange Commission (SEC), where it also announced its intention to list the bonds on the NSE after the SEC’s approval.

Consequently, on Friday, January 31, 2020,  the NSE announced the listing of Interswitch’s ₦23 billion (~$63.5 billion) Bond.  As part of a ₦30 billion ($82.5 billion) debt issuance program, the company listed a Callable Senior Unsecured Bond, with a tenor of 7 years, at a fixed rate of 15%, through a Special Purpose Vehicle — Interswitch Africa One Plc.

FBNQuest Merchant Bank and Stanbic IBTC Capital acted as Lead Financial Advisors/Issuing Houses, and ABSA Capital Markets Nigeria, FCMB Capital Markets,…

Read All From Tech Point

%d bloggers like this: