Communique - Green Bonds - 15.11.2024
Friday, 15 November 2024
Further to the communiqué released by CIM Financial Services Ltd (‘CFSL’) on 13 August 2024, CFSL is pleased to announce that it has issued MUR 2,000,000,000 of notes under the MUR 9,000,000,000 medium term note programme (the ‘MUR 9bn Programme’) set out in the listing particulars dated 15 November 2024 (the ‘Listing Particulars’). The transaction was oversubscribed by investors who value the sustainability credentials that CFSL has documented in its green bond framework. The notes qualify as ‘Green Bonds’ under the Guidelines for Issue of Corporate and Green Bonds in Mauritius of the Financial Services Commission (‘FSC’). The funds raised will continue to be used for purposes that align with the UN sustainable development goals stated in CFSL’s green bond framework.
On 15 November 2024, the Listing Executive Committee of the Stock Exchange of Mauritius Ltd (the ‘SEM’) approved the listing of two (2) new series of notes issued by CFSL on the Official Market of the SEM.
The salient features of the notes issued that will be listed are as follows:
|
Series name |
CFSL 4.10% 08/12/25 |
CFSL 4.40% 08/11/26 |
|
Currency |
MUR |
MUR |
|
Nominal Amount |
MUR 1,000,000,000 |
MUR 1,000,000,000 |
|
Status of the Notes |
Senior secured |
Senior secured |
|
Rate on Government securities |
3.20% |
3.50% |
|
Spread |
0.90% |
0.90% |
|
Fixed Coupon Rate |
4.10% |
4.40% |
|
Issue Date |
08 November 2024 |
08 November 2024 |
|
Interest payment |
Semi annual – 08 May 2025 and 08 December 2025 |
Semi annual – Each 08 May and 08 November |
|
Maturity Date |
08 December 2025 |
08 November 2026 |
|
Credit Rating |
CARE MAU AA by CARE Ratings (Africa) Private Limited |
|
CFSL holds an issuer rating of AA with a positive outlook by CARE Ratings (Africa) Private Limited (‘CARE’). CFSL has developed its green bond framework in line with the Green Bond Principles developed by the International Capital Markets Authority and the FSC’s Guidelines for Issue of Corporate and Green Bonds in Mauritius. CARE is a credit rating agency licensed by the FSC Mauritius.
Dealing in these securities on the SEM will commence on 25 November 2024 on which day ten (10) notes of each series will be made available for trading at an indicative price of MUR 100,000 per note (the indicative prices will be adjusted to the nearest tick size as per Trading Procedures).
CFSL would also like to inform its noteholders and shareholders that on 28 October 2024, CFSL redeemed in full the series of notes CFSL 4.85% 10/28/24 for an aggregate nominal amount of MUR 1,070,000,000. Additionally, on 04 November 2024, CFSL redeemed in full the series of notes CFSL 3.95% 04/11/24 for an aggregate nominal amount of MUR 1,100,000,000. Both of these series of notes were listed on the Official Market of the SEM.
On 04 November 2024, CFSL also redeemed an additional MUR 400,000,000 of notes issued under the MUR 9bn Programme, which were not listed.
This formal notice appears for information purposes only and does not constitute an invitation or offer to acquire or purchase securities of CFSL.
Copies of the Listing Particulars and the Applicable Pricing Supplements for the notes to be listed are available for inspection during normal office hours (from 09:00 hours to 17:00 hours Mauritian time) at CFSL’s registered office.
By order of the Board
Cim Administrators Ltd
Company Secretary
15 November 2024
This communiqué is issued pursuant to SEM Listing Rules 10.4 and 11.3 and part 5.1 of the Guidelines for Issue of Corporate and Green Bonds in Mauritius.
The Board of CFSL accepts full responsibility for the accuracy of the information contained in this communiqué.
