The management of First City Monument Bank (FCMB) Group is looking to increase the company’s liquidity to fund operations.
FCMB It has received approval from the capital markets regulator, the Securities and Exchange Commission (SEC), to borrow 30 billion naira in the local capital market.
The N30 billion will be borrowed through a bond issuance program under its N300 billion debt issuance programme, meaning companies can regain access to more funds when needed.
According to a document dated January 24, 2023 and obtained on Wednesday and sent to the investment community, Ripples Nigeria collected N30 billion in Series I permanent fixed-rate resettable NC5.25 additional tier one bonds.
Also read:FCMB Group’s nine-month profit up 68.4%
The financial institution commenced the book-building of the Series I bonds on Tuesday, January 24, 2023, after receiving funding approval from the Central Bank of Nigeria (CBN).
“FCMB Group Plc (“FCMB Group”) has completed the registration of its 300 billion guilder bond offering program with the United States Securities and Exchange Commission (the “Commission”) and has received Commission approval to launch Series I with a permanent fixed rate of up to 30 billion naira. Reset NC5.25 Additional Tier 1 Notes (“Issuance” or “Series I Notes”).
“The offering is the first non-Islamic local currency AT1 instrument issued in Nigeria and has been granted no objection by the CBN.
“FCMB Group will commence book building for Series I bonds on January 24, 2023,” the document signed by Funmi Adedibu, FCMB’s corporate secretary, reads.
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