FMDQ Lists N16.5bn Lagos BRT Bond
Umoru Abdulkadir
The FMDQ Securities Exchange Plc, the choice platform for the registration, listing, quotation, trading and recording of financial securities, has announced the admission for listing on its platform, the Primero BRT Securitisation SPV PLC N16,500,000,000 Series 1 Fixed Rate Bond (the Primero BRT Bond).
According to statement from the Exchange, “the bond listing is in line with the Exchange’s mandate of providing a reliable and credible avenue for corporate and governments, amongst others, to raise capital and by so doing, foster the deepening of the markets and ultimately, the economic development of the nation.”
The admission of the bond instrument shall be commemorated in a formal ceremony to be announced in due course, it said.
The Primero BRT Bond shall be availed global visibility through the FMDQ Exchange website and systems, governance and continuous information disclosure to protect investor interest, credible price formation amongst other benefits derived from being an FMDQ Exchange listing.
“Primero BRT Securitisation SPV PLC, a special purpose vehicle, was set up by Primero Transport Services Limited, a private limited liability company that provides public transportation service to residents of Lagos State, to raise finance to support its operation through the issuance of debt securities.
The net proceeds of the Primero Bond will be utilised for funding the operating assets of the Bus Rapid Transit System.”
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