Investors Oversubscribed for Total Nigeria N30 Billion Commercial Paper

Investors oversubscribed for Total Nigeria Plc 5 billion Series 1 and 2 Commercial Paper, according to the company’s latest filing with the Nigerian Stock Exchange (NSE).

Listed under the company’s N30 billion Commercial Paper Programme registered with the FMDQ Securities Exchange Limited in December 2020, it was Total Nigeria first issuance in the Nigerian debt capital markets.

It, however, attracted significant interest from a wide range of investors, resulting in a 3.9x subscription level. Total said the huge rush for subscription shows investors confidence in the company and its management team.

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

He thanked investors for supporting the company’s debut 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.