• Wednesday, November 29, 2023
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Oversubscribed: Fast Credit completes debut Commercial Paper issuance

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Fast Credit Limited, has announced the successful completion of its N3 billion Commercial Paper Series 1, 2 & 3 issuance.

The Commercial Paper Issuance encompassed three distinct tenors: a 91-day Series 1 issuance with a yield of 15.00 percent, a 182-day Series 2 issuance with a yield of 16.00 percent, and a 270-day Series 3 issuance with a yield of 17.25 percent.

Stanbic IBTC Capital Limited acted as lead arranger/issuing and placing agent (IPA) while FSL Securities Limited, Planet Capital Limited, and United Capital PLC acted as joint arrangers/IPAs.

“This was the first attempt of the company to raise funds from the capital market and its oversubscription was a clear reaffirmation of the confidence of our investors and stakeholders in the unique value we are creating in the financial industry,” Emeka Iloelunachi, CEO of Fast Credit, said.

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Iloelunachi said that the proceeds generated from this successful issuance will be used to deepen its footprints in the market through its range of products and services.

“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,” Iloelunachi said.

The issuance follows Fast Credit’s recent attainment of a long-term investment grade rating of ‘Bbb’ from Agusto & Co with a stable outlook as well as a ‘BBB+’ long-term grade rating with an A2 stable outlook from DataPro, respectively.