Max partners with DLM capital: Lagos, 28th September 2020 — Metro Africa Xpress (“MAX” or “MAX.ng”), the leading mobility platform in Nigeria and West Africa, today announced the successful issuance of a ₦400m 1-year fixed-rate notes (the “₦400m Series 1 Bond” or the “Bond”) under its newly structured ₦10bn/$22m Private Company Bond program (the “PCB Program”).
The ₦400m Series 1 Bond is MAX’s first-ever bond issuance and the first bond issued by a mobility company in Africa. 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.
The Series 1 Bond is the first issuance under MAX’s multi-currency ₦10bn ($22m) PCB Program, which was structured in line with our 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 2-wheeler, 3-wheeler, and other vehicle classes in Nigeria and beyond, as MAX continues to institutionalize driver financing across the continent.
The transaction and the PCB Programme were both arranged by DLM Advisory (“DLM”), a Nigeria-based SEC-regulated full-service Developmental Investment Bank that combines advisory, origination, underwriting, and distribution capabilities. DLM has built a successful track record of structuring, participating in, and delivering bespoke and innovative capital raising solutions to sovereign entities as well as public and private organizations.