FMDQ Admits N53.2bn Bonds of Fidelity Bank, TSL SPV

FMDQ Securities Exchange recently approved the listing of the Fidelity Bank Plc Series 1N41.21billion Fixed Rate Subordinated Unsecured Bond under its N100.00billion Bond Issuance Programme to its platform.

FMDQ also announced the approved the listing of the TSL SPV Plc N12.00 billion Series 1 Guaranteed Fixed Rate Infrastructure Bond under its N50.00 billion Bond Issuance Programme. According to the exchange, the significant listing will allow Fidelity Bank Plc fund key activities that would ultimately translate in the development of the Banking sector and the Nigerian economy at large.

Speaking on the development, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, said: “This is a landmark bond issuance. It is by far the largest local bond transaction by any commercial bank in Nigeria, thus validating the continued investor confidence in our well-experienced management team. By registering and listing the bonds on FMDQ Securities Exchange Limited, Fidelity Bank has provided its bondholders a robust and transparent platform that will improve the liquidity and visibility of their investments.”

Commenting on the transaction, the Co-CEO, Planet Capital Limited, Mr. Efe Akhigbe, said “Planet Capital is pleased to sponsor the listing of the Bond, having led and collaborated with a club of investment banking firms that advised on this Transaction.”

On his part, Managing Director/Chief Executive Officer, TSL SPV Plc, Mr. Ayodeji Wright, said: “TSL’s Senior Guaranteed Infrastructure Bonds was conceived a few years ago and I am profoundly grateful to the entirety of the transaction tarties, TSL bond investors, InfraCredit and the regulators, who have made this a reality today. TSL remains committed to delivering its vision of providing bespoke supply chain and logistics solutions within Nigeria, and to sub-Saharan Africa. The unprecedented issuance of the N12 billion, 10 per cent fixed rate, 10-year tenor TSL bonds is a first in Nigeria’s transportation and logistics sector, which will undoubtedly be the springboard to provide the financial reinforcement to our business strategy and strong operating model. Its proceeds will in part be used to stimulate an atmosphere for profitable growth for the business and in part for the improvement of the existing business.”

TSL had set up a special purpose vehicle (SPV) to raise finance through the listing of debt securities which would be used to boost the issuer’s business expansion exercise and to restructure the company’s debts over the specified period. TSL is a leading provider of customised logistics and transportation solutions in Nigeria. The company currently provides regional logistics services to clients in the oil and gas, mining and construction, fast moving consumer goods (FMCG), and agricultural sectors.