Fast Credit Limited says it has successfully completed its N3bn Commercial Paper Series 1, 2 & 3 issuance.
A statement by the firm said the commercial paper issuance
attracted demand from a wide range of investors including pension fund
administrators, asset managers, and insurance companies.
The commercial paper, which was the company’s debut issuance
comprised of three tenors – a 91-day Series 1 issuance which was priced at a 15
per cent yield, a 182-day Series 2 issuance which was priced at a 16 per cent
yield, and a 270-day Series 3 issuance which was priced at a 17. 25 per cent
yield.
Stanbic IBTC Capital Limited acted as lead arranger/issuing
and placing agent, while FSL Securities Limited, Planet Capital Limited, and
United Capital PLC acted as joint arrangers/IPAs.
The Managing Director/Chief Executive Officer of the
company, Emeka Iloelunachi, said that the oversubscription to the commercial
paper was a reaffirmation of the confidence of the firm’s investors and
stakeholders in the unique value Fast Credit was creating in the financial
industry.
“The additional capital will definitely see Fast Credit
deepen its footprint in the market, through the launch of innovative products
and services to the delight of our clients and investors,” he said.