TrustBanc Holdings Limited has said it successfully closed its series 5 commercial paper issue for a total amount of N3.02bn on January 27, 2022.
The company said in a statement that the 180-day CP was issued at a discount of 12.2 per cent.
According to the statement, the transaction, which is under TrustBanc’s N10bn CP programme listed on FMDQ, achieved a total subscription of 264 per cent.
It said the total bids received in the order book at the close of the offer was N7.96bn, amounting to N4.94bn over the sum of N3.02bn targeted under the series.
The company’s Chief Executive Officer, Mr Abu Jimoh, described the issuance as a strategic milestone in its bid to establish TrustBanc as a leading financial service provider in Nigeria.
He said, “To come into the market in the same week Stanbic and FSDH were in the market, and for the market to be willing to give us more than what we asked for, illustrates investors’ heightened confidence in our strategy, performance, and solid credit profile.
“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.”
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, a director at UCML Capital Limited, Mr Egie Akpata, said, “The level of oversubscription of the issue indicates widespread acceptance by institutional investors of TrustBanc Holdings as an issuer of choice.”
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