Primero Issues N16.5bn Bond to Fund BRT

By November 30, 2019 Investment News

Primero Transport Services Limited has listed a N16.5bn series 1 fixed rate bond for trading on the FMDQ Securities Exchange.

The company said the proceeds of the bond would be used to fund the operating assets of the Bus Rapid Transit System in Lagos.

The FMDQ said in a statement that the bond listing was in line with the exchange’s mandate of providing a reliable and credible avenue for corporate firms and governments, among others.

It added that the exchange provided a platform to raise capital to deepen the market and ensure the economic development of the nation.

It said the Primero Bond, like other debt securities, would ensure global visibility through the FMDQ Exchange website and systems, governance and continuous information disclosure to protect investor interest, credible price formation, among other benefits derived from being on the FMDQ Exchange listing.

The statement read in part, “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, among others.”

The FMDQ said it would continue to take crucial steps, in collaboration with market stakeholders, to deliver on its agenda of making the Nigerian financial markets globally competitive.

According to the statement, a formal ceremony to commemorate the listing would be announced in due course.

Source: Punch