Accelerex Holdings, has announced that its Nigerian subsidiary, Global Accelerex Limited, has registered a N20 billion bond programme and successfully issued a 5-year senior unsecured bond of N2.3 billion via a special purpose vehicle (Accelerex Funding SPV Plc).
A statement by the company said FBN Quest Limited, Renaissance Securities Limited, Greenwich Merchant Bank Limited and Nova Bank Limited acted as Arrangers.
The statement further explained that the Bond is rated BBB+ (Stable Outlook) by Global Credit Ratings (GCR) andBbb+ (Stable Outlook) by Agusto & Co. and is listed onthe FMDQ Exchange.
The statement revealed that the issuance attracted participation from a broad array of institutional investors, including local pension funds,insurance companies and asset managers.
According to the statement, “The relativestrong demand despite the very difficult economic and operating environment confirms the market’s confidence in the Company’s creditworthiness, long term resilience, and significant growth potential.
“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.”
The Managing Director of 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.”
The Director at Accelerex Holdings, and Chief Investment Officer at Africa Capital Alliance (ACA), 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 duration to support its expansion plans.”
