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Transport firm secures InfraCredit’s guarantee


Chief Executive Officer, InfraCredit, Chinua Azubuike

InfraCredit, a AAA-rated specialised infrastructure credit guarantee institution, has guaranteed of Transport Services Limited (TSL)-issued N12 billion bond.

The 10-year bond was issued under the company’s N50 billion debt-issuance programme.


With the support of InfraCredit’s guarantee, the Series 1 bond has secured a ‘AAA’ long-term credit rating by Agusto and Co. and DataPro Limited, reflecting the high degree of creditworthiness and the strong credit quality of the company.

The Series 1 bond was oversubscribed by 73.2 per cent with firm commitments from 18 institutional investors, including 11 domestic pension funds, a statement by the company said.

The debt financing is the first 10-year bond issuance by an indigenous transportation and logistics company. The firm plans to channel the proceeds into refinancing of its short-term loans to match its consistent, long-term business growth and expansion plan.


In a statement, the Chief Executive Officer of the company, Mr. Ayodeji Wright, stated: “The TSL bond was conceived a few years ago and I am profoundly grateful to the entire Project 4 Transaction Parties, investors and the regulators, who have made this to become a reality today.

He said: “The successful issuance of the bond is attributable to our relentless and collaborative efforts, underscored by our track record of excellence in 19 years of existence as an indigenous logistics and evolving company.”

According to the CEO of InfraCredit, Chinua Azubike, despite challenges brought by the recent COVID-19 pandemic, TSL achievement demonstrates InfraCredit’s continuing support for inclusive access to long-term local currency finance for infrastructure development and the deepening of the domestic debt capital markets with good quality asset classes for domestic investors.

“As we expand and diversify our guarantee portfolio to the transportation sector and given the importance of transport infrastructure to Nigeria’s economic recovery, we believe that our role remains vital in enabling businesses to deliver more essential infrastructure that can drive a clear and sustainable development impact on economic activities as well as improve the livelihoods of Nigerians,” he added.


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