CardinalStone Partners Limited has announced the listing of the CardinalStone Financing SPV Plc
N5 billion Series I Bond on FMDQ Securities Exchange Limited (the “FMDQ Exchange”). The Company successfully closed its Series 1 Bond, which is the lowest priced bond by any non-bank financial institution in Nigeria for a similar tenor in the last ten years. The Bond, which is the first tranche of the Company’s N10 billion Bond Issuance programme, is a 5-Year 7% Fixed Rate Senior Unsecured Bond due 2025.
By virtue of this listing, the Company’s Bond has been successfully admitted to the Daily Quotations List of the FMDQ and this means that investors who already hold the Bonds can trade them while new investors have an opportunity to buy the Bonds on the secondary market.
Commenting on the Bond Issue, the Managing Director of CardinalStone Partners Limited, 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 commented, “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.”
The recent bond issue and listing exercise will enable the Company to deliver its mission of being the most trusted long-term adviser and financier to its target clients. Furthermore, the Company is also working towards listing the Bond on the Nigerian Exchange Limited.
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.
CardinalStone was founded in 2008 with the vision to build a world-class investment banking firm of African origin. Over the years, the company has continued to offer an assortment of financial services to a diverse institutional and retail clientele base. In addition to investment banking, CardinalStone also offers securities trading, asset management, registrar services and consumer finance via its subsidiaries namely CardinalStone Securities Limited, CardinalStone Asset Management Limited, CardinalStone Registrars Limited and CS Advance Finance Company Limited respectively.