Fast Credit Limited, is pleased to announce the successful completion of its N3billion Commercial Paper Series 1, 2 & 3 issuance.
This landmark achievement demonstrates the trust and confidence investors have placed in Fast Credit’s innovative business model and strategic vision. The commercial paper issuance attracted demand from a wide range of investors including pension fund administrators, asset managers, and insurance companies. The Commercial Paper, which was the company’s debut issuance comprised of three tenors – a 91-day Series 1 issuance which was priced at a 15.00% yield, a 182-day Series 2 issuance which was priced at a 16.00% yield, and a 270-day Series 3 issuance which was priced at a 17. 25% yield.
Stanbic IBTC Capital Limited acted as Lead Arranger/Issuing and Placing Agent (“IPA”) while FSL Securities Limited, Planet Capital Limited, and United Capital PLC acted as Joint Arrangers/IPAs.
In a highly elated mood, the Managing Director/Chief Executive Officer, Mr. Emeka Iloelunachi stated that “this was the first attempt of the company to raise fund from the capital market and its oversubscription was a clear re-affirmation of the confidence of our investors and stakeholders in the unique value we are creating in the financial industry. The additional capital will definitely see Fast Credit deepen its footprint in the market, through the launch of innovative products and services to the delight of our clients and investors.”
It is worth noting that this issuance follows Fast Credit’s recent attainment of a long-term investment grade rating of ‘Bbb’ from Agusto & Co with a stable outlook as well as a ‘BBB+’ long-term grade rating with an A2 stable outlook from DataPro, respectively.
Fast Credit remains committed to revolutionizing the financial landscape by leveraging technology to drive efficiency, enhance accessibility and promote financial inclusion. The company utilizes artificial intelligence and advanced data analytics, to improve operational efficiencies for a positive customer experience.
More information can be found at: https://fastcredit-ng.com
