Fast Credit Limited has announced the successful completion of its N3bn Commercial Paper Series 1, 2 & 3 issuance. The company's statement highlighted the strong demand from a diverse group of investors, including pension fund administrators, asset managers, and insurance companies.
The debut issuance of the commercial paper consisted of three different tenors. The Series 1, with a 91-day maturity, was priced at a 15% yield. The Series 2, with a 182-day maturity, was priced at a 16% yield. Lastly, the Series 3, with a 270-day maturity, was priced at a 17.25% yield.
Stanbic IBTC Capital Limited played a key role as the lead arranger and issuing/placing agent, while FSL Securities Limited, Planet Capital Limited, and United Capital PLC served as joint arrangers/IPAs.
Emeka Iloelunachi, the Managing Director/Chief Executive Officer of Fast Credit Limited, expressed his satisfaction with the oversubscription to the commercial paper, noting that it demonstrates the confidence that investors and stakeholders have in the company's ability to create unique value within the financial industry.
“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,” he said.
