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LFZC Funding SPV Plc N10bn Bond approved for listing on NGX

The LFZC Funding SPV Plc corporate bond has been approved by NGX Regulation Limited for listing on the Nigerian Exchange Limited (NGX).

The approval by NGX Regulation Limited on October 11 was given for the listing of N10.5billion – 20 years 13.25percent Series One (1) Senior Guaranteed Fixed Rate Infrastructure Bonds Due 2041 under the N50 billion LFZC Funding SPV Plc’s Bond Issuance Programme.

LFZC Funding SPV Plc is a special purpose vehicle sponsored by Lagos Free Zone Company (the Sponsor or Co-Obligor) as a funding entity, solely for the purpose of raising finance for its Sponsor. The Issuer has no business operation other than borrowing and passing through, as well as receiving funds from its Sponsor.

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The stockbroker to the bond listing is CSL Stockbrokers Limited while the Issuing House(s)/Financial Adviser(s) to the bond listing are Stanbic IBTC Capital Limited, FBNQuest Merchant Bank Limited and Radix Capital Partners Limited.

GCR Ratings (GCR) had assigned a national scale long term indicative Issue rating of AAA(NG)(IR)) to LFZC Funding SPV Plc’s N10billion Series 1 Senior Guaranteed Bond, with the Outlook accorded as Stable. The indicative rating expired September 30, 2021.

The Sponsor of the Bond engages in the development and management of Lagos Free Zone and leasing of the developed land to enterprises registered within the Zone. Its ultimate parent company is Tolaram Group Inc, a global conglomerate founded in 1948 and headquartered in Singapore, with operation spanning across Europe, Asia and Africa.

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