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Friday, October 04, 2019 / 02:13PM / By Arthur Steven Asset Mgt
We are pleased to inform of the imminent commencement of book building for Interswitch Africa One PLC's Series 1, up to NGN20 billion Fixed Rate Senior Unsecured Bonds, under its NGN30 billion Debt Issuance Programme. Interswitch Africa One PLC (the "Issuer" or the "SPV") is the funding vehicle incorporated by Interswitch Limited ("Interswitch", the "Sponsor" or the "Company") to access the domestic capital markets.
Interswitch is an Africa-focused integrated digital payments and e-commerce company that facilitates the electronic circulation of money as well as the exchange of value between individuals and organizations on a timely and consistent basis. The Company was founded in 2002 and owns Verve, one of the most used payment cards in Nigeria, and Quickteller, a leading payment platform in Nigeria. Interswitch has a critical mass in Nigeria's developing financial ecosystem and is active across the payments value chain, providing a full suite of omni-channel payment solutions.
The
funds raised will be used for the development of office premises, payment
service bank license fees and general corporate purposes. The Sponsor was
assigned a B2 long-term corporate family rating (stable) and the Issuer an
Aa3.ng national scale senior unsecured Medium Term Note programme rating
(stable) by Moody's, on the back of positive secular industry shifts, a strong
market position and a good liquidity profile. The Sponsor was also assigned an "Aa" (stable) rating by Agusto & Co. on account of a strong financial
condition, very good profitability, strong and sustainable cash flows as well
as adequate working capital and low leverage.
Please
see below a summary of the indicative terms of the offer;
For further
information; kindly send a request via info@arthursteven.com
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