The N5 billion Commercial Paper sales of Dunn Loren Merrifield (DLM) Capital Group recorded a subscription rate of 106 percent, reflecting the confidence investors have in the company’s capability to repay the corporate debt.
A statement from the firm disclosed that the total value of the subscription was N5.304 billion, N304 million higher than the amount sought to raise from the exercise.
DLM Capital sold the Commercial Paper, in series 10 and 11 under its N20 billion CP Issuance Programme, aimed to get cheaper funds for smooth business operations.
The 180-day-tenor series 10 and 268-day-tenor series 11 were both issued on January 18, 2023, with maturity dates of July and October 2023, respectively.
The transaction was facilitated by FBNQuest, with support from UCML, DLM Advisory and Afrinvest.
Speaking on the development, Group CEO of DLM Capital, Mr Sonnie Babatunde Ayere, said, “We are thrilled with the overwhelming investor demand and confidence for this financing. This issue will significantly bolster the company’s treasury and has provided a solid foundation for DLM to grow by making funds available to our domestic companies in a variety of sectors and consumers seeking everyday loans.
“As always, transparency is key, so we also look forward to updating investors on our progress in the coming months,” Ayere said.
Founded in 2009, DLM Capital has expanded from its initial investment banking forte to include trusteeship, securities sales and trading, asset management, foreign exchange sales and trading, corporate lending, nominees and digital banking.
The company is a diversified financial services institution comprising brands such as DLM Advisory, DLM Asset Management, DLM Securities, DLM FX Trading, DLM Trust Company Limited, CitiHomes Finance Company, and BankSofri™. DLM has an investment grade rating from all three rating agencies.
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