Pathway Advisors opens N5bn corporate bond offer

Pathway Advisors Limited, a leading issuing house and financial advisory firm, has announced the opening of Dimension Data SPV Funding Plc’s Series 1 Corporate Bond issuance of up to N5bn for public subscription.

The bond issuance, Pathway said on Monday, is the first tranche under the company’s newly established N20bn Bond Programme, aimed at deepening its footprint in Nigeria’s rapidly evolving technology and telecommunications infrastructure space.

According to a statement from the Lead Issuing House, the offer is being executed by way of a Book Build process and is scheduled to close on Monday, 29 June 2026.

“This transaction represents a major milestone for Nigeria’s digital debt capital market.

By accessing long-term local funding, Dimension Data is strategically positioned to scale its critical infrastructure, which ultimately powers the fintechs, banks, and enterprises driving the nation’s digital economy,” the statement noted.

The transaction terms reveal that the three-year bond is being offered within a book build price range of 18.50 per cent to 20.00 per cent per annum, with coupon payments structured on a semi-annual basis to be finalised post-book build.

The offer has attracted positive investment-grade ratings, with Agusto & Co assigning a BBB+ rating to both the sponsor and the bond, while DataPro Limited assigned a BBB+ to the sponsor and a stable A- rating to the bond instrument. Prospective institutional and high-net-worth investors are required to make a minimum subscription of N10m.

On the utilisation of the funds, the company disclosed that the net proceeds from the debt issuance would be deployed towards strategic investments in fibre network expansion, capacity enhancement, and service quality improvement.

These capital investments are expected to strengthen the underlying infrastructure that supports Nigeria’s fintech ecosystem, enterprise connectivity requirements, and the broader digital ecosystem.

Incorporated in 2003, the sponsor, Dimension Data Limited, has grown into one of Nigeria’s prominent providers of end-to-end Information and Communications Technology solutions, spanning connectivity services, systems integration, and cloud infrastructure.

The company currently operates a purpose-built data centre with a 47-rack capacity, serving a corporate client base across the banking, telecommunications, retail, and enterprise sectors. Notably, more than 70 per cent of its major clients have retained business relations with the firm for over a decade, securing a resilient revenue profile backed by stable annuity cash flows.

Pathway Advisors Limited, which is registered and regulated by the Securities and Exchange Commission, reiterated its commitment to facilitating seamless capital access to drive sustainable economic growth across key sectors of the Nigerian economy.