Interswitch lists N23billion bond on NSE

The Nigerian Stock Exchange (NSE) on Friday, January 31 listed Interswitch Limited’s N23billion Bond. The Callable Senior Unsecured Bond, with a tenor of seven years, at a fixed rate of 15 percent, is part of a N30billion Debt Issuance Programme issued through a Special Purpose Vehicle – Interswitch Africa One Plc.

Interswitch Limited is a leading technology-driven company with a focus on the digitisation of payments in Nigeria and other African countries.

Commenting on the listing, Oscar Onyema, 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 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.”

Mitchell Elegbe, Group Managing Director/Founder Interswitch Limited 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 the 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.

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By Iheanyi Nwachukwu • January 31, 2020

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.