TSL SPV Plc - Up to N12bn Series 1 Infrastructure Bonds Guaranteed by InfraCredit Now Open

Proshare

Friday, August 21, 2020 / 3:42 PM / by Stanbic IBTC / Header Image Credit: InfraCredit 

 

Proshare Nigeria Pvt. Ltd.


We are pleased to inform you that the book build for TSL SPV PLC's series 1, up to NGN12 billion ten-year senior guaranteed fixed rate infrastructure bonds, under its NGN50 billion bond issuance programme is now open and will close on Friday, 28 August 2020.

 

The series 1 bonds will be unconditionally and irrevocably guaranteed by InfraCredit (the "Guarantor") and have been assigned 'Aaa' and 'AAA' ratings by Agusto & Co Limited and DataPro Limited respectively, reflecting the strength of the Guarantor which has been accorded a 'AAA' national scale credit rating - the highest credit quality - by both Agusto & Co Limited and Global Credit Rating Co.

 

Other indicative terms of the offer are as presented below:

Issuer

TSL SPV PLC

Co-Obligor

Transport Services Limited

Guarantor

InfraCredit

Programme Size

NGN50 billion

Issue Size

Up to NGN12 billion

Description

Series 1 Senior Guaranteed Fixed Rate Infrastructure Bonds

Co-Obligor Rating

Bbb / Agusto

Guarantor Rating

Aaa / Agusto (National); AAA / GCR (National)

Issue Rating

Aaa / Agusto; AAA / DataPro

Tenor

10 years

Benchmark

FGN Bond 10.00 12-Jul-2030

Book Building Price Guidance

9.00% - 9.50%

Par Value

Issue Price

N1,000 per unit

100% of Par Value

Offer Open

Offer Close

Friday, 21 August 2020

Friday, 28 August 2020

Funding / Settlement Date

Wednesday, 9 September 2020

Day Count Fraction

30 / 360

Offer Mode

Offer for subscription via book build

Coupon Basis

Fixed rate, semi-annual

Units of Sale

Minimum of NGN10,000,000 (10,000 units at NGN 1,000/unit) and multiples of NGN1,000 thereafter

Principal Redemption / Payment Basis

Amortising after a two-year moratorium

Listing

FMDQ Securities Exchange and / or The Nigerian Stock Exchange

Use of Proceeds

Refinancing of existing short-term debt (91%)

Funding of reserve account (6%)

Bond fees and capital project (3%)

 

For more information, please refer to the summary of the offer above and the following documents, which have been attached to this email:

1.       Shelf Prospectus

2.      Series 1 Red Herring Pricing Supplement

3.      Valid PenCom Compliance Certificate

4.      Agusto Issue Rating Report

5.      DataPro Issue Rating Report

6.      GCR Guarantor Rating Report

7.      Commitment Form

 

If you have any further enquiries, or require any further documentation, kindly send an email to stockbroking@stanbicibtc.com and/or Dele.Akintola@stanbicibtc.com

 

Proshare Nigeria Pvt. Ltd.


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