Nume Ekeghe
Pathway Advisors Limited, the Transaction Sponsor, Financial Adviser, Lead Issuing House and Lead Arranger, has announced the successful completion of Pivot Integrated Energy Services Limited’s maiden N100 billion Series 1 Commercial Paper issuance under its N300 billion Commercial Paper Programme.
The landmark transaction marks Pivot’s first entry into Nigeria’s debt capital market and was met with strong demand from institutional and sophisticated investors, resulting in the issuance being oversubscribed at N100.08 billion.
The outcome, it said in a statement, 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 For a first-time issuer, the level of investor participation recorded in the transaction represents a notable milestone. The strong demand demonstrates investors’ confidence in Pivot’s business and its strategic position within Nigeria’s downstream energy sector.”
Proceeds from the Issuance, it added, 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.
Commenting on the transaction,the Founder and Chief Executive Officer of Pathway Advisors, Mr. Adekunle Aladesaid: “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.”
Also speaking, Managing Director of Pivot Integrated Energy Services Limited, Mr. Babajide Babatope, 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.”