The Nigerian Stock Exchange (NSE) on October 14 approved the listing of N16.5billion corporate bond by Primero BRT Securitisation SPV Plc.
The Series 1, 17% Fixed Rate Bonds due 2026 is under its N100billion Medium Term Bond Programme.
Dunn Loren Merrifield Securities Limited is the stockbroking firm to the Corporate Bond listing.
Dunn Loren Merrifield Advisory Partners; Greenwich Trust Limited; and SCM Capital Limited are the Issuing Houses/Financial Advisers.
Primero BRT Securitisation SPV Plc is a special purpose vehicle incorporated to issue securities and raise funds to facilitate the purchase of bus ticket receivables under a funding arrangement.
Its sponsor, Primero Transport Services Limited (PTSL) is engaged in the principal activity of passenger transportation business.
In April 2019, Global Credit Ratings (GCR) accorded a final public national scale long-term rating of ‘BBB(NG)’ to Primero BRT Securitisation SPV Plc’s N16.5billion Series 1 Bus Ticket Receivables Backed Bonds, under its N100billion Infrastructure Bond Programme, with the Outlook accorded as Stable.
The Programme was not rated but only the Series 1 Bonds. The rating expires in April 2020.
PTSL operates the Bus Rapid Transit Scheme route (Ikorodu to Race Course) under an exclusive franchise with the Lagos State Government, spanning around 35.5 kilometres. PTSL currently has a fleet of 434 Mass Transit Buses. GCR accorded a final national scale long-term rating of B+(NG) to the Sponsor in April 2019.
The Series 1 Receivables Backed Securities constitute direct, unconditional, unsubordinated secured obligations of the Issuer.
Iheanyi Nwachukwu
