WorldStage Newsonline– Total Nigeria Plc (TNPLC), a leading petroleum marketing company said it had successfully issued and quoted a N15 billion series 1 and 2 commercial paper issuance under its N30 billion commercial paper programme registered with the FMDQ Security Exchange Limited in December 2020.
TNPLC in a notification at the Nigerian Stock Exchange on Thursday signed by Bunmi Popoola-Mordi, Company Secretary, the issue was said to be its debut issuance in the Nigerian debt capital markets.
It was said to have attracted significant demand from a wide range of investors, resulting in a 3.9x subscription level and a demonstration of inventor confidence in the company and its management team.
Commenting on the quotation of the issue, Mr Imrane Barry, Managing Director of TNPLC, 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.
