Total Nigeria issues N15bn commercial paper
Total Nigeria Plc has successfully issued and quoted a N15 billion Series 1 and 2 Commercial Paper under its N30 billion CP programme registered with the FMDQ Securities Exchange Limited in December 2020.
The oil firm said in a statement on Thursday that issue was its debut issuance in the Nigerian debt capital markets.
It said it attracted significant demand from a wide range of investors, resulting in a 3.9 times subscription level and a demonstration of investor confidence in the company and its management team.
The Managing Director of Total Nigeria, Mr Imrane Barry, explained that the programme was set up to enable the company to 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.
