Firm Raises N100.08bn To Boost Working Capital, Growth

Pivot Integrated Energy Services Limited has raised N100.08 billion through its Series 1 Tranche A – D Commercial Papers to support its working capital requirements and the continued growth of its operations in Nigeria’s energy sector.

The Commercial Papers (CPs) were issued under the company’s N300.00 billion CP Programme and have been approved for quotation on FMDQ Securities Exchange Limited.

The net proceeds from the issuance will be deployed to meet the Issuer’s working capital needs and to sustain the expansion of its business operations.

Commercial Paper is a short-term debt instrument issued by a company to raise quick funds for its day-to-day operational needs.

Speaking on the quotation, Divisional head, Information Services, FMDQ Exchange, Mr Dipo Omotoso, said the transaction underscores the importance of Nigeria’s CP market in providing corporates with access to short-term funding to meet their operational and business needs.

“Through its efficient and transparent market infrastructure, FMDQ Exchange continues to facilitate issuers’ access to the debt capital market, and we are pleased to support Pivot Integrated Energy as it leverages this funding opportunity to advance its business objectives,” Omotoso said.

Through its robust listings and trading infrastructure, FMDQ Exchange said it continues to facilitate access to short-term financing opportunities for corporates across various sectors, providing an avenue to mobilise capital for their business needs.