Metro Africa Xpress (MAX) has successfully raised N400 million through a one-year fixed rate series 1 bond, blazing the trails as the first mobility company in Africa to issue a bond.
The N400 million series 1 bond was issued under the newly structured N10 billion or $22 million private company bond programme.
Despite the challenging global economic backdrop, the bond, distributed through a private placement, received strong interest from highly reputable local and international fixed-income investors that are seeking exposure to a high-quality issuer like MAX.
MAX Chief Executive Officer and co-founder, Mr. Adetayo Bamiduro, said MAX’s bond programmed was structured in line with its mission to build the technology and financing infrastructure for mobility across Africa. Proceeds from the bond shall be used to fund MAX’s growing asset financing program across two-wheeler, three-wheeler, and other vehicle classes in Nigeria and beyond, as MAX continues to institutionalize driver financing across the continent.
According to him, the transaction and the bond programme were both arranged by DLM Advisory (DLM), a Nigeria-based, regulated full-service developmental investment bank that combines advisory, origination, underwriting, and distribution capabilities.