• Wednesday, February 28, 2024
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BusinessDay

Fast Credit redeems series 2 commercial paper

Fast Credit redeems series 2 commercial paper

Fast Credit Limited, a lending platform, has announced it has completed the payout of its Series 2 Commercial Paper Issuance.

A statement from the company said the success in redeeming this short-term debt instrument reflects not only its financial stability but also its dedication to meeting its obligations in a timely and efficient manner.

BusinessDay findings showed the Series 1 Commercial Paper which offered competitive interest rates, making it an attractive choice for investors seeking short-term, low-risk investments was paid out on time in September.

Investors who participated in the Series 2 Commercial Paper Issuance on June 5th,2023 received a payout on November 30th.

“The investors received their principal investment along with the agreed-upon interest,” Fast Credit said.

The Series 2 Commercial Paper, a crucial component of Fast Credit’s diversified financing strategy, was also issued to raise capital to increase the company’s market share and brand growth.

Read also: Fast Credit rewards investors as series 1 commercial paper reach maturity

“We are thrilled to announce the successful payout of our Series 2 Commercial Paper Issuance. This achievement reflects not only the strength of our business but also the dedication of our team and the trust our investors place in us. We remain committed to maintaining the highest standards of financial integrity and transparency,” Emeka Iloelunachi, the company’s CEO said.

The company noted that its ability to navigate the financial landscape and strategically manage its debt instruments underscores its robust financial health and adherence to sound fiscal practices.

“The payout, executed seamlessly, is a result of meticulous financial planning and disciplined execution,” the company said.

The company said it has consistently demonstrated its commitment to transparency and accountability, factors that contribute to the trust and confidence placed in the company by investors and stakeholders alike.

Read also: Oversubscribed: Fast Credit completes debut Commercial Paper issuance

“Fast Credit has always taken pride in meeting its financial obligations punctually, highlighting the reliability of Fast Credit as a sound investment choice,” the company said.

It noted that the successful redemption contributes to the overall positive narrative surrounding the company’s financial performance and enhances its reputation within the financial markets.

“This milestone is not only a cause for celebration within the company but also for the broader community of investors, analysts, and stakeholders who closely follow Fast Credit’s financial trajectory. The successful payout reflects positively on the company’s management, its financial stewardship, and its ability to navigate the complexities of the financial landscape,” Fast Credit said.

It added, “As Fast Credit continues to evolve and grow, this achievement reinforces its commitment to prudent financial management and positions it favourably for future endeavours. Investors can look forward to a company that not only sets strategic financial goals but consistently delivers on them”.