Interswitch Limited Bond Issue Coming Soon

Proshare

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;

Proshare Nigeria Pvt. Ltd.

 

For further information; kindly send a request via info@arthursteven.com


Proshare Nigeria Pvt. Ltd. 


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  1. Moody's Assigns B2 Corporate Family Rating To Interswitch Limited; Outlook Stable - Sep 10, 2019
  2. FirstBank's Payment Card Issuance Hits 10 Million, bags Three Accolades at the Interswitch Awards - Oct 10, 2017
  3. Interswitch Set To Host Industry Stakeholders for its Inaugural Conference - Sep 10, 2017
  4. TA Associates Becomes Minority Investor in Interswitch, Operators of Quickteller - Mar 13, 2017
  5. Interswitch Suspends IPO Plan over FX Scarcity Challenge - Dec 21, 2016
  6. FirstBank hits 5m Verve card milestone on Interswitch network - Nov 14, 2012 

 

 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

 

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