TrustBanc Holdings Limited (TrustBanc), the parent company of three regulated financial services companies, has successfully redeemed its series 3 Commercial Paper (CP) issue for a total amount of N4.2 billion on the 2nd of March 2022.
The 180-day CP was issued at a discount of 12.6573 per cent, subscriptions to the issue were made by institutional investors, with a significant proportion by asset and fund managers.
“We confirm that the maturity proceeds of Commercial Paper (CP) bearing NGTRUCP22S34 on FMDQ has been duly paid to all the holders of the Series on the maturity date, March 2, 2022.”
Earlier in the year, TrustBanc announced the successful maturity and redemption of its debut Series 1 and 2 Commercial Papers, bringing the total redemption under its N10billion Issuance Programme to N6.1 billion.
“Once again, we are pleased to repay your trust and redeem our series 3 issue at its maturity. I would like to thank all the holders of this commercial paper issue. Their trust represents a strong mark of confidence in TrustBanc, its financial performance, its business model and growth strategy. In addition, our Group is proud to contribute to the growth of the Commercial Paper 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 series. Speaking on behalf of the dealers, Director at UCML Capital Limited, Mr. Egie Akpata, said the company’s ability to pay at maturity further confirms to subscribers and the market at large that TrustBanc Holdings Limited is a trustworthy counterparty.
About TrustBanc Holdings Limited
TrustBanc was incorporated as a holding company to synergise the operations of TrustBanc Financial Group. The Group currently consists of three operating subsidiaries, regulated by the Central Bank of Nigeria (CBN) or Securities and Exchange Commission (SEC), TrustBanc J6 MFB Limited, TrustBanc Asset Management Limited, and TrustBanc Capital Management Limited.
The Group is expanding to become an integrated financial services conglomerate with solutions covering wealth management, funds, ethical and conventional investments management, securities trading, savings, and lending.
Located in Victoria Island, Lagos, the group’s broad range of services ensure a bespoke solution to clients. Its services, which are accessible and digital, cover micro loans, business financing, investment advisory, or advice on the preservation of wealth.