Listings and Quotations

C & I Leasing PLC Lists its ₦7.00bn Fixed Rate Bond on FMDQ Posted on: October 9, 2018

C & I Leasing PLC Lists its ₦7.00bn Fixed Rate Bond on FMDQ

Corporate institutions have continued to successfully tap into the Nigerian Debt Capital Markets (DCM) to access stable long-term finance to fund their key activities that ultimately translate to the development of the economy at large, some of which include, but are not limited to, funding pressing development needs and supporting capital investments. The most recent of these corporate institutions is C & I Leasing PLC, which, following the approval granted by the FMDQ Board Listings, Markets and Technology Committee, listed the C & I Leasing PLC ₦7.00bn Series 1 Fixed Rate Bond under its ₦20.00bn Bond Issuance Programme (the C & I Leasing PLC Bond) on the OTC Exchange.

To commemorate the listing of the bond, a ceremony was held at the FMDQ offices on Friday, October 5, 2018, where the OTC Exchange played host to the issuer, represented by Mr. Andrew Otike- Odibi, Managing Director/CEO, C & I Leasing PLC (“C & I Leasing”), alongside other senior executives of C & I Leasing; the co-sponsors to the issue on FMDQ, Planet Capital Limited, represented by their Executive Directors/Co-CEOs, Dr. Tony Anonyai and Mr. Efe Akhigbe, alongside Planet Capital Limited’s senior executives; and other parties to the issue.

Ms. Bukola Oluyadi, Divisional Head, Marketing Communications, FMDQ, during her welcome address, congratulated the issuer and sponsor of the issue on the success achieved in the DCM and expressed the OTC Exchange’s gratitude for the issuer’s decision to list the bond on FMDQ, According to her, being listed on FMDQ will avail the bond a host of benefits including, unprecedented transparency, efficient price formation and improved global visibility, among others. She further reiterated the OTC Exchange’s commitment to continually align its strategies and innovation to serve and provide the much-needed support to the players in the DCM.

Mr. Andrew Otike –Odibi, Managing Director/CEO, C & I Leasing PLC, during the issuer’s special address, stated, “We are grateful to everyone who contributed tremendously to the process of the issue from the beginning to this point. The expansion plans for which we raised the bond are already successfully on course with our complete acquisition of C & I Petrotech taking full ownership of six boats in the process, as well as the recent acquisition of some new vessels to take advantage of the increasing opportunities in the marine business. Also, we have invested in brand new vehicles to upgrade the travel experience for our car rental and fleet management clients. In addition to these, we are able to replace some expensive debts with the bond proceeds. Overall, the funds have already been put to use and we guarantee subscribers value and returns in due course.”

Delivering the Registration Member (Listings) remarks, Dr. Tony Anonyai highlighted, “The over-subscription of the offer is indicative of investors’ confidence in the C & I Leasing Bond. Indeed, Planet Capital is very delighted to lead the group of issuing houses in this capital raising exercise. This listing
creates liquidity for the instrument and improves the price discovery process for subsequent issues by the company.”

Ms. Tumi Sekoni, Associate Executive Director, FMDQ, in her closing remarks, applauded the issuer, C & I Leasing, for achieving this milestone and commended the sponsor to the issue and Registration Member (Listings) of FMDQ, Planet Capital Limited, for its concerted efforts towards ensuring the success of the issuance. She further reiterated that through consistent collaboration with its stakeholders, FMDQ will continue to deepen and effectively position the Nigerian DCM for growth, in support of the realisation of a globally competitive and vibrant economy.