Coleman Technical Industries Limited has announced the full repayment of its series 1 commercial paper issuance to investors.
The company said in a statement that it promptly fulfilled its obligation on the series 1 CP issued for 180 days, which matured on January 10, 2022, adding that it informed FMDQ Securities Exchange Plc of the payment in line with best practice.
The statement added that the company accessed the CP market for the first time last year in a bid to increasingly diversify its funding structure.
It said with a successful outing, the series 1 CP issuance attracted high net worth individuals, asset managers, insurance companies, and pension fund administrators.
The company thanked the investing community for their confidence in its instrument, saying it remained optimistic that the successful payment of investors would avail the Coleman brand the global visibility needed to achieve its long-term capital plans.
“We congratulate the professional parties involved in the process and remain optimistic that the successful payment of investors will avail us the global visibility needed to achieve our long-term capital plans,” it said.
According to the statement, Skystone Capital and Investment Limited acted as financial adviser to Coleman.
Coronation Merchant Bank Limited acted as the lead issuing house and was supported by Cardinal Stone Advisory Limited, FSDH Capital Limited, and SFS Financial Services Limited as joint issuing houses.