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Following the registration of its N30 billion debt issuance programme with the Securities and Exchange Commission (SEC), Interswitch Limited , a technology-driven company focused on the digitisation of payments in Nigeria and other African countries, has successfully concluded a N23 billion Series 1 Fixed Rate Senior Unsecured Callable Bonds issue, via a Special Purpose Vehicle,Interswitch Africa One Plc.
The Series 1 Issue priced at 15 per cent almost three times oversubscribed. The seven-year bonds, embedding a call option that can only be exercised from the second year, are payable in full at maturity. An application will be made to list the Bonds on The Nigerian Stock Exchange (NSE) on receipt of the SEC’s approval of the proposed allotments.
Investor participation was restricted to qualified institutional investors as defined by the SEC in Nigeria, with a proposed bonds allocation of 64 per cent to pension fund managers, seven per cent to asset managers and 22 per cent to commercial banks pending SEC approval. The strong level of over subscription demonstrated investor confidence in the Interswitch brand, business model and long-term strategy, supported by strong domestic ratings from both Agusto & Co. Limited and Moody’s Investor Service .
