Coleman repays N20bn Series 1 Commercial Paper

Coleman Technical Industries Limited has announced the full repayment of its Series 1 Commercial Paper (CP) Issuance to investors.

The company promptly fulfilled its obligation on the Series 1 CP issued for 180 days, which matured on January 10, 2022, and informed FMDQ Securities Exchange PLC of the payment in line with best practice.

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A leading manufacturer of wires and cables in Sub-Saharan Africa, Coleman, accessed the CP market for the first time last year, in a bid to increasingly diversify its funding structure.

With a successful outing, the Series 1 CP issuance attracted High Net worth Individuals, Asset Managers, Insurance companies and Pension Fund Administrators.

The company in a release thanked the investing community for their confidence in its instrument, adding that, “It remains optimistic that the successful payment of investors will avail us the global visibility needed to achieve our long-term capital plans.