October 16, 2021

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TrustBanc closes 3rd tranche of N10bn debt issue

TrustBanc Holdings Limited (TrustBanc), the parent company of three regulated financial services companies, has said it successfully closed its series 3 Commercial Paper (CP) issue for a total amount of N4.2 billion on September 2, 2021.
The 180-day CP was issued at a discount of 12.6573 per cent and a minimum subscription of N5 million.
TrustBanc is rated A- by DataPro Limited and the issue was approved by FMDQ Securities Exchange Limited (FMDQ). Subscriptions to this series were made mainly by institutional investors, with significant proportion by asset and fund managers.
“I would like to thank all the subscribers to this commercial paper issue. This support represents a strong mark of confidence in TrustBanc, its financial performance, its business model and its growth strategy. The proceeds from the transaction will be utilised to finance the growing portfolio of assets within the TrustBanc Group. In addition, our Group is proud to contribute to the growth of the
Nigerian Debt Capital Market through the FMDQ, “said Chief Executive Officer of TrustBanc Holdings Limited, Mr. Abu Jimoh, CFA.
UCML Capital Limited, United Capital Plc and Emerging Africa Group, acted as dealers on the transaction. Speaking on behalf of the dealers, Director at UCML Capital Limited, Mr. Egie Akpata, described the company’s ability to consistently feature on the elite roster of non-bank financial institutions, who can access funds via the Debt Capital Market as a reaffirmation of its credibility, stability and profitability.
“The presence of large institutional investors in the orderbook for this unsecured instrument confirms that TrustBanc Holdings is seen as a trustworthy counterparty by the market.”
TrustBanc was incorporated as a holding company to synergise the operations of TrustBanc Financial Group. TrustBanc along with its subsidiaries, namely, TrustBanc Asset Management Limited,
TrustBanc Capital Management Limited, and TrustBanc J6 MFB Limited, make up the group.

 

The post TrustBanc closes 3rd tranche of N10bn debt issue appeared first on The Sun Nigeria.

Source: news