Primero Transport Services Limited and other parties have raised N16.5 billion, seven-year bonds and would be paying semi-yearly coupons at a fixed rate of 17 per cent per year.
The fund is the first of the N100 billion Bus Rapid Transit Systems (BRTS) Securitisation transaction it sponsored.
Primero Transport Services Chairman Ademola Seriki, while opening the signing event, highlighted the significance of the Series 1 Bonds in what he considers to be the best solution designed by DLM Advisory Partners in being able to connect long-term capital to the urban transportation sector using securitisation technology.
Primero Transport Service Managing Director Fola Tinubu, corroborating the chairman’s statement assured that the bond proceeds will be utilised to meet Primero’s working capital requirements which will significantly improve the company’s daily operations to ensure a lot more buses can be put on the corridor to ease the suffering of Lagosians.
Dunn Loren Merrifield(DLM) Executive Director Kennedy Ighodaro, who played the role of Advisory Partners on the issue, reiterated the company’s commitment to developing the Nigerian capital markets by introducing bespoke financing products for its clients.
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