Total Nigeria PLC (TNPLC) has successfully issued N30 Billion Commercial Paper Programme, in order to enable the Company broaden its sources of capital.
The Program will be helping Total access funds from the Nigerian debt capital markets while also reducing its overall funding costs.
Disclosing this on the Nigerian Stock Exchange’s (NSE) official website, in a statement titled ‘ N30 BILLION COMMERCIAL PAPER PROGRAMME’ dated 28″ January, 2021 and signed by the Company’s Secretary, Bunmi Popoola-Mordi.
The Program was issued and quoted a 15 billion Series 1 and 2 Commercial Paper issuance (the “Issue”) under its N30 Billion Commercial Paper Programme registered with the FMDQ Securities Exchange Limited in December 2020.
Disclosing the significant demand from a range of investors, Total stated that,
“The Issue was TNPLC’s 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.”
Furthermore, Mr. Imrane Barry, Managing Director of TNPLC 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.