The parent company of three regulated financial services firms, TrustBanc Holdings Limited, said that it has successfully closed its series 7 and 8 commercial paper issues for a combined sum of N5.85 billion under its FMDQ-approved N20 billion CP programme.
The 181-day and 269-day CPs were issued at discounts of 11.3260 and 12.2784%, respectively, according to a statement from the company.
The successful issue, according to the Group Chief Executive Officer, Mr Abu Jimoh, is a significant step in TrustBanc’s effort to become a preeminent provider of financial services in Nigeria.
“In addition, the net proceeds from the issuance will further diversify our sources of funding as we continue to accelerate business growth and drive our strategy,” he said.
Since the registration of the debut programme more than 12 months ago, the company has continued to see active and growing participation from the market, demonstrating continued investor confidence in TrustBanc and its growth trajectory, the statement said.
In addition, four series with a total face value of N8.7bn have matured under TrustBanc’s CP programme, and the company has successfully paid back each of the series in full at maturity.
“This N5.85bn issuance is the largest amount TrustBanc has raised from the CP market in a single outing,” it stated.
The statement said UCML Capital Limited, United Capital Plc and Emerging Africa Group, acted as dealers on the transaction.
Speaking on behalf of the dealers, Director at UCML Capital Limited, Mr Egie Akpata, said, “The record level of subscription and diverse participation in these series indicates widespread acceptance by institutional investors of TrustBanc Holdings as an issuer of choice.”
