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C&I Leasing Lists N10bn 7-Year Bonds on Nigerian Exchange

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By Dipo Olowookere

The seven-year bonds worth N10 billion issued by C&I Leasing Plc a few weeks ago have been listed on the Nigerian Exchange (NGX) Limited.

The notes were admitted on the exchange on Thursday, July 15, 2021, making them tradable by interested investors at the secondary market after they were first purchased at the primary market.

The book-building for the sale of the papers opened on April 21, 2021, and ended on May 17, 2021, and they were then issued to investors, who cut across various segments, on June 3, 2021.

The bonds, which are expected to mature on June 3, 2021, were sold to qualified investors at a coupon rate of 15.5 per cent.

“Trading license holders are hereby notified that the N10 billion 7 years 15.5% senior secured fixed rate bonds due 2028 under the C&I Leasing Plc’s N20 billion bond issuance programme were today, Thursday, July 15, 2021, listed on the Nigerian Exchange Limited,” a notice issued by the NGX confirming the listing disclosed.

Business Post reports that C&I Leasing decided to approach the debt market to raise fresh capital in order to boost its presence in the highly competitive digital environment.

“We intend to take that bond in its entirety and replace the short-term borrowing in our balance sheet. We will replace one-year debt with five to six years long term debt,” the Chief Executive Officer of C&I Leasing, Mr Andrew Otike-Odibi, had said last year at the company’s analyst call for the half-year results.

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