By Adewale Sanyaolu
Total Nigeria PLC (“TNPLC” or the “Company”) says it has successfully issued and quoted a N15 billion Series 1 and 2 Commercial Paper issuance (the “Issue”) under its N30 billion CP programme registered with the FMDQ Securities Exchange Limited in December 2020.
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.
Commenting on the quotation of the Issue, Mr. Imrane Barry, Managing Director of Total Nigeria PLC, 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.