• Friday, September 29, 2023
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Bigoz Logistics redeems N655m series 1 tranch commercial paper

Bigoz Logistics redeems N4.3bn commercial paper

Bigoz Logistics Limited has announced the maturity and redemption of its debut N655m Series 1 Tranche A of its N20bn commercial paper programme.

The N655 million 270-day Series 1 Tranche A commercial paper was issued and quoted in August 2022 on the FMDQ Securities Exchange. It matured on May 5, 2023.

And in line with best practice, the Exchange has been informed of the repayment. Pathway Advisors Limited acted as the financial adviser/arranger while Qualinvest Capital Limited was the sponsor.

Bright Ajaegbu, managing director of Bigoz Logistics, in a statement, said, “We are pleased to have fully repaid all the investors in the Series 1 Tranche A issuance. We’re grateful to all the institutional investors for their participation and reiterate our commitment to being a counterparty that can be counted on for the long term. This redemption reflects Bigoz’s capacity to meet its financial obligations when due.

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Bigoz would continue to tap into the domestic capital market to fund its working capital needs to exponentially grow its business.”

Bigoz Logistics Limited is a 3rd-Party Logistics (3PL) service provider with a business focus on freight forwarding, project logistics management, shipping agency, haulage and supply-chain management. Its services include packaging solutions, general warehousing, supply sales, consulting services, logistics, delivery solutions, custom clearance, courier services and specialised warehousing.