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Saturday, April 1, 2023

Total Nigeria’s Debut N15bn Commercial Paper 3.9x Oversubscribed

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Total Nigeria Plc has successfully issued and quoted a N15bn Series 1 and 2 Commercial Paper, under its N30 Billion Commercial Paper Programme registered with the FMDQ Securities Exchange Limited.

The issue was Total’s debut issuance in the Nigerian debt capital markets. It attracted significant demand from a wide range of investors, resulting in a 3.9x subscription.

Commenting on the quotation of the Issue, Imrane Barry, Managing Director of Total Nigeria Plc, explained that the Programme was set up to enable the Company further broaden its sources of capitall by accessing funding from the Nigerian debt capital markets while also reducing its overall funding costs.

He thanked investors for supporting the Company’s debt Issue and commended the Financial Advisers, Stanbic IBTC Capital Limited and FBNQuest Merchant Bank Limited for ensuring the success of the Issue despite the challenging environment.

Total Nigeria share price is up 43 percent in the past year, for a market capitalisation of N48.5 billion.

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