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CardinalStone lists N5bn bond on FMDQ

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CardinalStone Partners Limited has announced the listing of the CardinalStone Financing SPV  Plc N5 billion Series-I Bond on FMDQ Securities Exchange Limited .  

The company, in a statement, said it successfully closed its Series-1 Bond, which is the lowest priced bond by any non-bank financial institution in Nigeria for a similar tenor in the last ten years. The bond, which is the first tranche of the company’s N10 billion bond issuance programme, is a 5-Year 7% Fixed Rate Senior Unsecured Bond due 2025.

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By virtue of this listing, the company’s bond has been successfully admitted to the Daily Quotations List of the FMDQ and this means that investors who already hold the Bonds can trade them while new investors have an opportunity to buy the Bonds on the secondary market. Commenting on the bond issue, the Managing Director of the firm, Michael Nzewi, noted that “the full subscription level recorded demonstrates investors’ confidence in CardinalStone and the ability of our management team to create value.

“This longer tenor debt capital injection will enable the company to execute the next phase of its mid-to-long-term growth strategy”. He added that by successfully raising this financing, the company is better positioned to sustain its impressive growth in the coming years.

Onyebuchim Obiyemi, Head of Investment Banking, commented, “We are excited about the successful listing of the CardinalStone Financing SPV N5 billion Series I Bond on the FMDQ Exchange and that the registration and listing process was swift and straightforward, which is a testament to the efficiency at FMDQ.”

The post CardinalStone lists N5bn bond on FMDQ appeared first on Vanguard News.


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