Lagos bus operator, Primero raises N16.5 billion via bond

Lagos’ largest single bus transportation operator, Primero Bus Services Limited has raised N16.5 billion via bonds.

Primero operates Lagos’ blue bus rapid transport (BRT) across Lagos mainland and Island axis of Africa’s fifth largest economy and Nigeria’s commercial capital.

The transaction was executed via a Primero BRT Services Securitisation SPV Plc, special purpose vehicle for registered for the debt instrument which is, a 17% series 1 fixed rate bond due 2026 as part of its N100 billion medium term bond programme.

The raising has already concluded via a private offer.

Greenwich Trust Limited, DLM Advisory Partners and SCM Capital Limited advised the transaction.


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