Stanbic Bank Ghana, acting as Joint Lead Arranger and Co-Sponsoring Broker is pleased to have advised on, and facilitated the successful closure and listing of a GHS100 million Senior Unsecured dual offering of bonds by Letshego Ghana Savings and Loans PLC (“Letshego Ghana” or the “Issuer”), on the Ghana Fixed Income Market on 21st October 2024.

This dual offer represents the third and fourth series under the expanded GHS500 million Medium-Term Note Programme of the Issuer.

The issuance is set to further support Letshego Ghana’s strategic objective of deepening its reach in providing accessible instant loan solutions across Ghana. It also highlights the growing significance of the domestic debt capital markets as an alternative funding source for corporate issuers.

The bonds were met with strong investor participation and achieved an oversubscription of 1.31x to price at 22.50% for the 3-year fixed rate notes, while the 5-year floating rate notes were priced at 182-day T-bill rate plus a margin of 100 basis points. 

Commenting on the bond issuance, Baffour Agyarko Kwakye, Head of Debt Capital Markets at Stanbic Ghana noted, “We are delighted to have facilitated yet another successful funding round for Letshego Ghana. The strong demand for the notes reaffirms the solid investor confidence in the Issuer’s business performance and strategic vision.”  

The proceeds from the bond issuance will be used towards augmenting working capital requirements and undertaking expansion of Letshego Ghana’s loan portfolio.

Black Star Brokerage Limited also acted as Joint Lead Arranger and Co-Sponsoring Broker on the transaction.