Firm lists N5b Bond on FMDQ

FMDQ lists N300bn Dangote industries’ bonds 

CardinalStone Partners Limited has listed the CardinalStone Financing SPV Plc N5 billion Series I Bond on FMDQ Securities Exchange Limited (the “FMDQ Exchange”).

The company closed its Series 1 Bond, which is the lowest priced bond by any non-bank financial institution for a similar tenor in the last 10 years.

The Bond, which is the first tranche of the company’s N10 billion Bond Issuance programme, is a five-Year seven per cent Fixed Rate Senior Unsecured Bond due in 2025.

By virtue of this listing, the company’s bond has been admitted to the Daily Quotations List of the FMDQ and this means that investors who already hold the bonds can trade them. New investors have an opportunity to buy the bonds on the secondary market.

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The Managing Director, 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.

Onyebuchim Obiyemi, Head of Investment Banking, 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.”

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The recent bond issue and listing will enable the company to deliver its mission of being the most trusted long-term adviser and financier to its target clients. The company is also working towards listing the Bond on the Nigerian Exchange Limited.

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The success of this Bond Issue and listing is due mainly to the support of all professional parties to the Issue, including Chapel Hill Denham Advisory Partners Limited, which acted as the Lead Issuing House/Book Runner, while FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited and FSDH Capital Limited acted as Joint Issuing Houses/Book Runners.


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