TSL SPV Plc has successfully listed its ₦5 billion Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond on the Nigerian Exchange Limited (NGX), marking a significant milestone in its ₦50 billion bond issuance programme.
The bond, which carries a fixed annual coupon of 21%, has a tenor of 10 years and will mature in June 2035. It is issued at a par value of ₦1,000 per unit, with a total of five million units listed under the security code TSL2035S1, trading under the symbol 21.00% TSL GTEED JUN 2035.
Backed by a credit guarantee from Infrastructure Credit Guarantee Company Limited (InfraCredit), the bond is designed to finance critical infrastructure and logistics projects spearheaded by the Transport Services Limited (TSL) group and its co-obligor, Flomill Distribution Limited. The involvement of InfraCredit provides an additional layer of investor confidence through enhanced credit protection.
According to a recent market bulletin issued by NGX, the bond features a semi-annual coupon payment structure, with the first interest payment scheduled for June 30, 2025. Notably, the redemption of the bond will follow an amortised structure, with equal semi-annual debt service payments beginning 48 months after the issue date—March 11, 2025—and concluding at final maturity in June 2035.
The listing of this infrastructure bond represents a notable step in deepening Nigeria’s capital markets and attracting long-term financing for the transport and logistics sector. It also underscores growing investor appetite for infrastructure-backed securities with strong credit enhancements.
TSL Group, a major player in Nigeria’s transport and logistics industry, is expected to leverage the proceeds from this issuance to expand its capacity and improve operational efficiencies across its nationwide network.