By Nkiruka Nnorom
FMDQ OTC Securities Exchange Plc has admitted C&I Leasing’s N7 billion bonds for trading on its platform.
The 16.54 percent fixed rate bond is Series 1 under the company’s N20 billion debt issuance programme.
The Managing Director/CEO, C&I Leasing, Mr. Andrew Otike-Odibi, speaking at bond listing ceremony in Lagos, weekend, indicated that the expansion plan for which the bonds is already on course with complete acquisition of C&I Leasing Petrotech and taking full ownership of six boats in the process.
He added that the company also recently acquired some new vessels to take advantage of the increasing opportunities in marine business.
“We have invested in brand new vehicles to upgrade the travel experience for our car rental and fleet management clients. In addition to these, we are able to replace some expensive debts with the bond proceeds. Overall, the funds have already been put to use and we guarantee subscribers value and returns in due course,” he said.
Ms. Bukola Oluyadi, Divisional Head, Marketing Communications, FMDQ, in her welcome remarks, congratulated the issuer for the decision to list the bond on FMDQ, saying that being listed on the Exchange will avail the bond a host of benefits including, unprecedented transparency, efficient price formation and improved global visibility, among others.
She further reiterated the OTC Exchange’s commitment to continually align its strategies and innovation to serve and provide the much needed support to the players in the debt capital market.
Also speaking, Dr. Tony Anonyai, Executive Director/Co-CEO, Planet Capital, co-sponsors to the issue, said: “The over-subscription of the offer is indicative of investors’ confidence in the C & I Leasing’s bond. Indeed, Planet Capital is very delighted to lead the group of issuing houses in this capital raising exercise. This listing creates liquidity for the instrument and improves the price discovery process for subsequent issues by the company.”
Ms. Tumi Sekoni, Associate Executive Director, FMDQ, assured that FMDQ would continue to deepen and effectively position the debt market for growth in pursuit of a globally competitive and vibrant economy.