TrustBanc closes third tranche of 10 billion naira debt issue

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TrustBanc Holdings Limited (TrustBanc), the parent company of three regulated financial services companies, announced that it has successfully completed its Series 3 commercial paper (CP) issuance for a total of N4.2 billion on September 2, 2021 .

The 180-day CP was issued at a haircut of 12.6573 percent and a minimum subscription of N5 million.

TrustBanc is rated A- by DataPro Limited and the issue has been approved by FMDQ Securities Exchange Limited (FMDQ).

The company in a statement said subscriptions to this series were made primarily by institutional investors, with a significant proportion by asset and fund managers.

“I would like to thank all the subscribers of this commercial paper issue. This support represents a mark of strong confidence in TrustBanc, its financial performance, its business model and its growth strategy. The proceeds of the transaction will be used to fund 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 the Managing Director of TrustBanc Holdings.

Limited, Mr. Abu Jimoh, CFA.

UCML Capital Limited, United Capital Plc and Emerging Africa Group acted as brokers in connection with the transaction. Speaking on behalf of the brokers, UCML Capital Limited Director Mr. Egie Akpata described the company’s ability to be consistently on the elite list of non-bank financial institutions, which can access funds through the debt capital market as a reaffirmation of its credibility, stability and profitability.

“The presence of large institutional investors in the order book of this unsecured instrument confirms that TrustBanc Holdings is viewed as a trusted counterparty by the market.”

TrustBanc was incorporated as a holding company to synergize the operations of TrustBanc Financial

Group. TrustBanc and its subsidiaries, namely TrustBanc Asset Management Limited,

TrustBanc Capital Management Limited and TrustBanc J6 MFB Limited, make up the group.

The Group is growing to become a conglomerate of integrated financial services with solutions covering wealth management, funds, management of ethical and conventional investments, securities trading, savings and loans.

Located in Victoria Island, Lagos, the group’s wide range of services ensures a tailor-made solution for clients. Its services, accessible and digital, cover micro credit, business financing, investment advice and even advice on heritage preservation.

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