C&I Leasing Plc has issued a N10 billion Series 5 commercial paper (CP) under its N50 billion issuance programme, as part of its efforts to optimize its working capital and refinance high-interest short-term borrowings.
Key Highlights:
- N10 billion commercial paper issuance to optimize working capital
- Issue price: N1,000, tenor: 269 days, funding date: March 17, 2025
- Implied yield: 27%, discount rate: 22.519%
- Strong revenue growth but shrinking profitability, with pre-tax profit margin falling to 6%
- Total assets grew by 44%, largely due to foreign currency translation effects
- Commercial paper outstanding declined sharply, while total borrowings surged by 21%
- Operating cash flow dropped significantly due to heavy commercial paper repayment.
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