Pivot Integrated Energy Services Limited (Pivot) has concluded its maiden N100 billion series 1 Commercial Paper (CP) issuance under its N300 billion Commercial Paper Programme. The landmark transaction which marks Pivot’s first entry into Nigeria’s debt capital market, was met with strong demand from institutional and sophisticated investors, resulting in the issuance being oversubscribed at N100.08 billion. The outcome represents a significant vote of confidence in Pivot’s business model, management team, growth strategy and credit fundamentals, while underscoring the depth and resilience of Nigeria’s institutional investment market.
Pathway Advisors Limited acted as the transaction sponsor, financial adviser, lead issuing house and lead arranger. Also, the Commercial Paper joint arrangers are Coronation Merchant Bank, Quantum Zenith Capital & Investments Limited, FCMB Capital Markets Limited, AIICO Capital Limited, FSDH Capital Limited, FSL Capital Limited, Greenwich Capital Markets Limited, United Capital Limited, Mainstreet Capital Limited, Rand Merchant Bank, and First Ally Advisory Limited; the collecting and paying agents are ProvidusUnity Bank and Fidelity Bank Plc; Globus Bank Limited; Polaris Bank Limited; while Alliance Law Firm acted as the solicitor.
Proceeds from the Issuance will fuel Pivot’s ongoing operations in the trading, storage, distribution and supply of refined petroleum products across Nigeria and selected African markets, powering the next phase of the Company’s growth.
Babajide Babatope, managing director of Pivot Integrated Energy Services Limited, said: “Today marks a defining chapter in our growth story. To go to market for the first time and be oversubscribed is an extraordinary milestone — it validates everything we have built and gives us the firepower to scale even faster. We are proud, humbled, and firmly focused on what comes next.”
“Debut issuances are always the ultimate test of market confidence. Pivot passed that test emphatically. The level of demand recorded for this maiden N100 billion Commercial Paper issuance is a powerful endorsement of the Company’s fundamentals, its management team and the strength of the investment proposition presented to the market,” said Adekunle Alade, founder and Chief Executive Officer of Pathway Advisors.
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