Cedrus partners RusselSmith on N3bn commercial paper issuance
Cedrus Capital Limited, a financial advisory firm under Cedrus Group Africa, has successfully arranged the oversubscribed N3bn series one commercial paper issuance for RusselSmith Nigeria Limited, the company said in a statement on Tuesday, a financial advisory firm under Cedrus Group Africa, has successfully arranged the oversubscribed N3bn series one commercial paper issuance for RusselSmith Nigeria Limited, the company said in a statement on Tuesday.
The issuance is part of RusselSmith’s N10bn commercial paper programme, designed to provide the company with short-term financing for operational growth and expansion.
The oversubscription indicates strong investor confidence in RusselSmith’s financial stability and business prospects.
A commercial paper is a short-term, unsecured debt instrument issued by corporations to raise funds for working capital, liquidity management, or short-term obligations.
The CEO of RusselSmith, Kayode Adeleke, celebrated the significance of this milestone, stating, “The approval of our commercial paper programme by the FMDQ represents an exciting achievement for RusselSmith.
“We are grateful for the FMDQ’s confidence in our organisation and look forward to harnessing this opportunity to enhance our operations and contribute to the growth of the Nigerian capital market.”
The CEO of Cedrus Capital Limited, Olubusayo Adeniyi, said the over-subscription reflects its strong market knowledge and investor relationships.
He said, “This clearly shows the market’s trust in the company’s strategic vision and operational capacity. We are glad about this milestone, as it not only secures the short-term working capital needs for RusselSmith but also sets the stage for further engagements within the broader N10bn programme.”
He stressed further, “Cedrus Capital’s involvement has been instrumental in ensuring the CP notes were listed on the FMDQ Securities Exchange, enhancing transparency and liquidity for investors.
“This collaboration between Cedrus Capital Limited and Russel Smith Nigeria Limited exemplifies the benefits of strategic partnerships in driving innovation and sustainability within the energy sector and beyond.”
