Total Nigeria Plc has completed the issuance of its N15 billion Series 1 and 2 Commercial Paper issuance under its N30 billion Commercial Paper programme.
The oil company in a statement issued by the Company Secretary, Bunmi Popoola-Mordi, on Thursday said the programme was registered with the FMDQ Securities Exchange Limited in December 2020.
It added that the issue was its debut issuance in the Nigerian debt capital markets.
“It attracted significant demand from a wide range of investors, resulting in a 3.9x subscription level and a demonstration of investor confidence in the company and its management team,” the statement said.
Commenting on the quotation of the issue, the Managing Director of Total Nigeria, , Mr Imrane Barry, explained that the programme was set up to enable the company further broaden its sources of capital by accessing funding from the Nigerian debt capital markets while also reducing its overall funding costs.
He thanked investors for supporting the company’s debut issue and commended the financial advisers, Stanbic IBTC Capital Limited and FBNQuest Merchant Bank Limited for ensuring the success of the issue despite the challenging environment.