trustbanc-raises-n5.85bn-from-commercial-paper

TrustBanc Holdings Limited, the parent company of three regulated financial services companies, said it has successfully closed its series 7 and 8 commercial paper issue for a total amount of N5.85bn under its FMDQ approved N20bn CP programme.

It said in a statement that the 181 and 269-day CPs were issued at a discount of 11.3260 and 12.2784 per cent, respectively.

The Group Chief Executive Officer, Mr Abu Jimoh, described the successful issuance as a strategic milestone in its bid to establish TrustBanc as a leading financial service provider 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.”

By Tochi

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