By OLUSHOLA BELLO, Lagos
CardinalStone Partners Limited has announced the listing of the CardinalStone Financing SPV Plc N5bn Series I Bond on FMDQ Securities Exchange Limited.
The company 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.
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 CardinalStone Partners Limited, 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”.
According to him, by successfully raising this financing, the Company is better positioned to sustain its impressive growth in the coming years.
Head of Investment Banking Onyebuchim Obiyemi said, “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. This listing is a major accomplishment for the firm and reiterates the Company’s resolve to continuously deliver value to all its stakeholders.”
The company said in a statement that the recent bond issue and listing exercise will enable it deliver its mission of being the most trusted long-term adviser and financier to its target clients as it continues working towards listing the Bond on the Nigerian Exchange Limited.