BAS Capital Limited has announced the pre-opening of the ₦3 billion Series 1 Commercial Paper Issuance by Sycamore Integrated Solutions Limited (“Sycamore”) under the company’s ₦20 billion Commercial Paper Programme.
The issuance, which opens to investors on Monday, March 9, 2026, and closes on Friday, March 20, 2026, provides an opportunity for qualified investors to participate in a structured short-term instrument within Nigeria’s debt capital markets while supporting Sycamore’s short-term working capital requirements.
BAS Capital Limited is acting as Lead Arranger as well as Issuing and Placing Agent on the transaction, working alongside Joint Arrangers and Issuing & Placing Agents — AIICO Capital Limited, Norrenberger Advisory Partners Limited, and Pathway Advisors Limited.
The Series 1 issuance, valued at ₦3 billion, is structured in two tranches designed to meet different investor preferences:
- Tranche A: ₦1.5 billion, 180-day tenor, priced at a 21.4601% discount rate with a yield of 24.00%
- Tranche B: ₦1.5 billion, 270-day tenor, priced at a 21.0983% discount rate with a yield of 25.00%
The Programme has been assigned a BBB+ long-term rating and A2 short-term rating by DataPro Limited, reflecting the agency’s assessment of the Issuer’s creditworthiness and capacity to meet its financial obligations.
Commenting on the transaction, Yinka Adetuberu, Managing Director of BAS Capital noted that the issuance underscores the firm’s continued commitment to supporting innovative companies with access to efficient capital market funding.
“This transaction demonstrates the continued relevance of the Nigerian commercial paper market as an efficient funding channel for high-growth companies. We are pleased to support Sycamore Integrated Solutions in accessing the capital markets and expanding its financial capacity to drive its operations.”
Other key parties to the transaction include:
- Collecting and Paying Agent: FSDH Merchant Bank Limited
- Trustees: Plethoria Trustees and Fiduciary Services Limited and Coronation Trustees Limited
- Solicitors: Africa Law Practice NG & Co.
- Registrars: Cardinalstone Registrars Limited
Investors interested in participating in the issuance may contact the issuing and placing agents for further information regarding subscription and allocation.
About BAS Capital Limited
BAS Capital Limited is a Nigerian investment banking and capital markets advisory firm providing financial structuring, capital raising, and advisory services to corporates, institutions, and government entities. The firm specializes in debt and equity capital markets transactions, helping organizations access financing solutions that support growth, expansion, and long-term value creation.
About Sycamore Integrated Solutions Limited
Sycamore Integrated Solutions Limited is a Nigerian financial technology company focused on expanding access to credit and financial solutions for individuals and businesses.
Leveraging technology-driven underwriting and digital lending infrastructure, the company provides flexible financing solutions designed to support enterprise growth and improve financial inclusion across Nigeria.
