• Wednesday, May 29, 2024
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Emerging Africa Capital says series v, vi CP programme records 106% subscription

Emerging Africa Capital says series v, vi CP programme records 106% subscription

Emerging Africa Capital Advisory Limited has disclosed the outcome of its Commercial Paper (CP) issuances, boasting an oversubscription rate of 106 percent.

The company embarked on a mission to raise N5 billion through its “Series V – 181 days” and “Series VI – 269 days” Commercial Paper Issuances, which are part of its registered N15 billion Commercial Paper Programme with the FMDQ Securities Exchange Limited.

This level of subscription underscores the unwavering confidence that investors place in the company’s profile and the capabilities of its management team.

These issuances received overwhelming interest from qualified institutional investors, including asset managers, trustees, and insurance companies.

Toyin F. Sanni, Group Chief Executive Officer of Emerging Africa Capital Limited, expressed her delight with the overall outcome of the Commercial Paper issuance.

Read also: Emerging Africa Capital commercial paper issuances record 125% subscription

She highlighted the calibre of investors that participated in the issuance and underscored the company’s strategic intent to establish an exemplary track record in accessing funding from the Nigerian debt capital market through successive series under the N15 billion Commercial Paper Programme.

Sanni also lauded FMDQ, the arrangers, and investors for their significant contributions to the success of the Series V and Series VI Commercial Paper issuances.

Read also: Emerging Africa Capital repays Series 1 Commercial Paper

Furthermore, Emeka Anazodo, Chief Financial Officer, Emerging Africa Capital Advisory Limited noted his contentment with the substantial investor interest generated by the offer.

“This issuance will empower the company to diversify its financing mix and effectively address short-term working capital requirements,” he noted.

Emerging Africa Capital Advisory Limited acted as the Lead Arranger and Dealer, with Afrinvest Capital Limited, CardinalStone Partners Limited, Coronation Merchant Bank, and Nova Merchant Bank serving as Joint Arrangers on the commercial paper transaction.