• Friday, June 21, 2024
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Bigoz Logistics redeems N4.3bn commercial paper

Bigoz Logistics redeems N4.3bn commercial paper

Bigoz Logistics Limited, a third-party logistics service provider, has announced the successful redemption of its N4.3 billion Series 1 Tranche B commercial paper issuance on June 16, 2023.
The company said in a statement that the redemption represented another significant milestone in its financial journey and strong commitment to sound financial management.

It said this followed the successful redemption of its N655 million Series 1 Tranche A commercial paper in May 2023.

“Bigoz Logistics has once again demonstrated its ability to navigate the Nigerian capital markets effectively and optimize its financing strategies,” the statement said.

Bright Ajaegbu, managing director of Bigoz Logistics, said: “Once again, we are delighted to have met our obligation in a timely fashion with the redemption of the N4.3 billion Series 1 Tranche B CP. This reflects Bigoz’s credibility, outstanding business model and commitment to maintaining investors’ confidence in the Nigerian debt capital market.

“We appreciate all the institutional investors for their participation and reiterate our commitment to be a counterparty that can be counted on, for the long term.”

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Adekunle Alade, managing director of Pathway Advisors Limited, said: “We are delighted to have advised Bigoz Logistics on the successful issuance and redemption of the N4.3 billion Series 1 Tranche B commercial paper and ensuring all necessary post-issuance compliance requirements.

“The CP redemption reinforces Bigoz Logistics’ strong financial strength and underscores our commitment to delivering tailored financial solutions to our valued clients.”

Recently, DataPro Limited, a national credit rating agency, in its latest report, re-affirmed Bigoz Logistics’ short-term rating of A1 and long-term rating of “A” with a positive outlook for the year 2023/2024.

The rating, which remains valid till July 2024, was hinged on the company’s liquidity, diversified earning profile, experienced management team, corporate governance, strong operating performance, as well as good capitalisation.