Dipo Olowookere
By Dipo Olowookere
An additional N15 billion is sought by FSDH Merchant Bank Limited from the capital market through the sale of commercial paper (CP).
The lender is seeking fresh funds under its N40 billion CP issuance programme.
A notice from the organisation revealed that the current exercise is to be carried out in three series of 17, 18 and 19.
The CP sales commenced on Wednesday, October 18, 2023, and will close on Monday, October 23, 2023, with the funding date fixed for the next day.
FSDH Merchant Bank wants the money from the exercise to fund its short-term working capital requirements and for general corporate purposes.
Business Post reports that the minimum subscription for the commercial paper is N5 million and multiples of N1,000 thereafter, with the applicable taxes on the debt instrument to be deducted.
This newspaper gathered that the Series 17 has a 90-day tenor at a discount rate of 11.42 per cent, the Series 18 is a 142-day paper at a discount rate of 11.47 per cent, while the Series 19 has a 240-day maturity at a discount rate of 11.98 per cent.
