Providus Bank Limited has opened up to ₦50 billion in commercial papers across two tenors for investors’ subscription, with discount rates ranging between 20.2528% and 21.4533%, according to an offer document.
The regionally licenced commercial bank is looking to raise the amount from series 1 and series papers under its ₦100 billion commercial paper program registered with regulators.
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The bank is accessing funds from investors in the debt capital market to meet its short-term capital needs from commercial papers with 180-day and 270-day tenors via an offer for subscription originally scheduled to close on April 30, 2025, but the closing date has been postponed to May 6, 2025.
Providus Bank priced its 180-day commercial paper at a discount rate of 20.2528%, while 270-day papers attracted a 21.4533% discount rate. The minimum amount an investor can put into the debt paper has been pegged at ₦5 million and multiples of N1000 thereafter, according to the offer document.
The lead arranger and dealer for the transaction is Greenwich Merchant Bank, with joint arrangers and dealers including AVA Capital Group, Cordos Capital, PAC Capital Ltd. , Planet Capital, Lead Capital, Rand Merchant, Renaissance, and Vetiva Capital Management Limited.
S. P. A. Ajibade & Co. serves as the solicitor, while PwC Nigeria acts as the auditor for the transaction.
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