Accelerex Holdings Mauritius says its Nigerian subsidiary, Global Accelerex Limited, has registered a N20bn bond programme, and successfully issued a five-year senior unsecured bond of N2.3bn via a special purpose vehicle (Accelerex Funding SPV Plc).
It said in a statement that FBN Quest Limited, Renaissance Securities Limited, Greenwich Merchant Bank Limited and Nova Bank Limited acted as arrangers.
The bond is rated BBB+ (Stable outlook) by Global Credit Ratings and Bbb+ (Stable outlook) by Agusto &Co. and is listed on the FMDQ Exchange.
The issuance attracted participation from institutional investors, including local pension funds, insurance companies and asset managers.
The relative strong demand despite the very difficult economic and operating environment confirmed the market’s confidence in the company’s creditworthiness, long term resilience, and significant growth potential, the statement said.
It stated that, “The bond issuance, coming after Accelerex’s successful private equity round in 2020, provides its Nigerian subsidiary with critical long term and local currency capital to fund expansion and support its mission of accelerating the financial inclusion of businesses and individuals across Africa.
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“Accelerex is only the 2nd ever Nigerian fintech or payments company to successfully place a long-term, investment grade, unsecured bond in the Nigerian capital market. Proceeds from the issuance will be used to finance expansion of distribution channels and general working capital.”
The Managing Director, Global Accelerex Limited, Mr Olukayode Ariyo, stated that, “We are very happy with the result of this bond issuance as it confirms the market’s interest in advancing digital payments and financial inclusion across Nigeria.
“It is an attestation of the confidence reposed in us, despite the difficult market environment. We thank our bondholders for their belief in our company. We will press forward with our mission of simplifying everyday life for Africans through accessible, convenient and affordable digital payments and financial services.”
Director at Accelerex Holdings, and Chief Investment Officer at Africa Capital, Mr Paul Kokoricha, said, “The medium-term bond issuance significantly strengthens the balance sheet and liquidity of Accelerex’s Nigerian operations and provides it with much needed local currency funding and durationto support its expansion plans.
‘As equity investors in Accelerex, we are very excited that Nigerian debt investors were supportive of the deal, thereby providing useful financial leverage and local currency diversification to the Company’s balance sheet.
“With its strengthened balance sheet, Accelerex and its management team can confidently continue their quest to expand access to Nigeria’s financially under-served population.”