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Coleman Technical Industries quotes additional Commercial Papers on FMDQ Exchange

FMDQ Exchange: Secondary market turnover up 70.20% month-on-month

FMDQ Securities Exchange Limited, through consistent collaboration with its stakeholders, continues to deepen and effectively position the Nigerian debt markets for growth in support of the realisation of a globally competitive and vibrant economy.

In keeping to its commitment of providing a reliable and credible platform to support capital formation, FMDQ Exchange is pleased to announce the quotation of the Coleman Technical Industries Limited N2.51billion Series 5 and N7.50billion Series 6 Commercial Papers (CPs) under its N20billion CP Issuance Programme on the Exchange Platform.

Coleman Technical Industries Limited (Coleman or the Issuer) is West Africa’s largest producer and distributor of electrical wires and cables. The quotation of these CPs, sponsored by Coronation Merchant Bank Limited (Lead Sponsor), Afrinvest Capital Limited, CardinalStone Partners Limited, FSDH Capital Limited and SFS Financial Services Limited – all Registration Member (Quotations) of FMDQ Exchange, strategically positions the Issuer to raise short-term finance easily and quickly from the Nigerian debt markets.

The Issuer will also benefit from FMDQ Exchange’s diversified market stakeholders, its highly responsive and efficient listing and quotation processes, and credible benchmark pricing required for appropriate portfolio valuation, amongst others.

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Speaking on the successful issuance of the CPs, Managing Director/Chief Executive Officer, Coleman Technical Industries Limited, George Onafowokan, stated “we are delighted to have successfully concluded our series 5 & 6 CP issuance in the Nigerian debt markets.

The issuance comes at a positive time for Coleman, on the heels of a strong 2022 first half earnings and continuing success in our capital management program. Diversifying our funding sources with this CP issuance at a competitive rate will further enable us to achieve our strategic objectives. We are pleased by the success of the CP issuance and grateful to the investor community for supporting the transaction.”

Also, the Chief Executive Officer, Coronation Merchant Bank Limited, Banjo Adegbohungbe, stated “we are pleased to have supported Coleman Technical Industries Limited, in this largest commercial paper issuance by a cable and wires company in Nigeria.

This issuance underscores the critical role of the Nigerian financial market in providing funding to the private sector for sustainable development. This collaboration is in line with our commitment to add value to our customers and to enable them achieve their strategic goals. We thank the board and management of Coleman for their commitment and dedication throughout the process, and the investing community for supporting the issue.”