CHRISLAND SCHOOLS TO ISSUE N2 BILLION IN COMMERCIAL PAPER AT 30% INTEREST RATE
Chrisland Schools Limited has launched a N2 billion commercial paper issuance under its N8 billion programme. The offer, which opened on May 27, 2024, will close on June 5, 2024. Tranche A, with a 180-day term, is offered at a discount rate of 23.8359%-24.6110% and an implied yield of 27%-28%. Tranche B, with a 270-day term, is offered at a discount rate of 24.5941%-25.2662% and an implied yield of 30%-31%.
The funds are intended to support working capital needs, such as acquiring modern teaching aids and equipment. Chrisland has repaid all previously issued commercial papers. The issuance comes amid a challenging economic environment with high inflation and interest rates. The papers will be listed on the FMDQ Exchange.
Chrisland Schools Limited has launched a N2 billion commercial paper issuance under its N8 billion programme. The offer, which opened on May 27, 2024, will close on June 5, 2024. Tranche A, with a 180-day term, is offered at a discount rate of 23.8359%-24.6110% and an implied yield of 27%-28%. Tranche B, with a 270-day term, is offered at a discount rate of 24.5941%-25.2662% and an implied yield of 30%-31%.
The funds are intended to support working capital needs, such as acquiring modern teaching aids and equipment. Chrisland has repaid all previously issued commercial papers. The issuance comes amid a challenging economic environment with high inflation and interest rates. The papers will be listed on the FMDQ Exchange.