Bigoz Logistics Limited, a third-party logistics service provider, has announced the successful redemption of its N4.3 billion Series 1 Tranche B commercial paper issuance on Friday, June 16th, 2023. The redemption represents another significant milestone in Bigoz’s financial journey and the company’s strong commitment to sound financial management, the company said.
This followed the successful redemption of its N655 million Series 1 Tranche A commercial paper in May 2023. “Bigoz Logistics has once again demonstrated its ability to navigate the Nigerian capital markets effectively and optimise its financing strategies,” the announcement said.
In the statement, the Managing Director of Bigoz Logistics, Bright Ajaegbu, said: “Once again, we are delighted to have met our obligation in a timely fashion with the redemption of the N4.3 billion Series 1 Tranche B CP. This reflects Bigoz’s credibility, outstanding business model and commitment to maintaining investors’ confidence in the Nigerian debt capital market. “We appreciate all the institutional investors for their participation and reiterate our commitment to be a counterparty that can be counted on, for the long term’.’
Managing Director of Pathway Advisors Limited, Adekunle Alade, said: “We are delighted to have advised Bigoz Logistics on the successful issuance and redemption of the N4.3 billion Series 1 Tranche B commercial paper and ensuring all necessary post-issuance compliance requirements. “The CP redemption reinforces Bigoz Logistics’ strong financial strength and underscores our commitment to delivering tailored financial solutions to our valued clients.”
Recently, DataPro Limited, a leading national Credit Rating Agency, in its latest report, has re-affirmed Bigoz Logistics Limited’s Short-term Rating of A1 and Long-term Rating of “A” with a positive outlook for the year 2023/2024. The rating was hinged on the Company’s very good liquidity, diversified earning profile, experienced management team, corporate governance, strong operating performance, as well as good capitalisation. The rating remains valid till July 2024.