Sefton Fross has advised Nova Merchant Bank Limited (Nova Bank) in connection with the successful registration of its ₦50 Billion Commercial Papers Programme and the issuance of up to ₦20 Billion in the Series 1 and Series 2 of the programme.
Nova Bank is offering the commercial papers to raise funds for short-term working capital requirements and general corporate purposes. The Series 1 and Series 2 of the programme have tenors of 182 days and 270 days respectively. The programme is significant as it is one of the largest commercial programmes by a merchant bank in Nigeria so far.
This successful offering comes on the back of the 2020 oversubscribed, ₦10 Billion, 7-year subordinated unsecured bond issuance by the company.
We are pleased to have advised Nova Bank on this transaction and assisting the company in accessing funds the Nigerian debt capital market.