Coronation Merchant Bank facilitates Coleman’s landmark ₦10.005 billion Commercial Paper issuance
Lagos, Nigeria – 14th September, 2022
Coronation Merchant Bank Limited is pleased to announce its role as the lead arranger and dealer on Coleman’s ₦10.005 billion Series 5 & 6 commercial paper issuance, which is the largest commercial paper issuance by a company in the Nigerian cables and wires industry. The success of the CP issuance reflects the general acceptance of the Coleman brand, its strong financial performance, and the greater trust placed by the investing community in the company’s leadership and its forward-looking strategy.
Speaking on the significance of the CP Issuance, Mr. George Onafowokan, Managing Director/Chief Executive Officer of Coleman Technical Industries Limited, said “we are delighted to have successfully concluded our Series 5 & 6 commercial paper issuance in the Nigerian debt market. The issuance comes at a positive time for Coleman, on the heels of a strong 2022 first half earnings and continuing success in our capital management program. Diversifying our funding sources with this CP issuance at a competitive rate will further enable us to achieve our strategic objectives. We are pleased by the success of the CP Issuance and grateful to the investor community for supporting the transaction.”
According to the Chief Executive Officer of Coronation Merchant Bank, Banjo Adegbohungbe, “we are pleased to have supported Coleman Technical Industries Limited, in this largest commercial paper issuance by a cable and wires company In Nigeria. This issuance underscores the critical role of the Nigerian capital market in providing funding to the private sector for sustainable development. This collaboration is in line with our commitment to add value to our customers and to enable them achieve their strategic goals. We thank the board and management of Coleman for their commitment and dedication throughout the process, and the investing community for supporting the issue “
About Coronation Merchant Bank
Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long-underserved market. The Bank offers Corporate & Investment Banking, Private Banking/Wealth Management and Global Markets/Treasury Services to its niche clientele. It is the first and only merchant bank in Nigeria with an international risk rating. It presently has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria.
The Bank has been the recipient of numerous international and national awards including Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review, Best Investment Bank by Global Business Outlook, Best Investment Bank in Nigeria by International Finance and Best Investment Bank in Nigeria at the BusinessDay Banking and Financial Institution Awards.