Fast Credit Completes N3bn Commercial Paper Issue

Fast Credit Limited says it has successfully completed its N3bn Commercial Paper Series 1, 2 & 3 issuance.

A statement by the firm said the commercial paper issuance attracted demand from a wide range of investors including pension fund administrators, asset managers, and insurance companies.

The commercial paper, which was the company’s debut issuance comprised of three tenors – a 91-day Series 1 issuance which was priced at a 15 per cent yield, a 182-day Series 2 issuance which was priced at a 16 per cent yield, and a 270-day Series 3 issuance which was priced at a 17. 25 per cent yield.

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

The Managing Director/Chief Executive Officer of the company, Emeka Iloelunachi, said that the oversubscription to the commercial paper was a reaffirmation of the confidence of the firm’s investors and stakeholders in the unique value Fast Credit was creating in 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.

June 28, 2023