Pivot Integrated Energy Services Limited has issued a commercial paper (CP) of up to N100 billion under its Series 1 of the N300 billion Commercial Paper Programme, as the indigenous downstream energy company aims to raise short-term funding to boost its working capital and finance its business expansion.
The issuance, arranged by Pathway Advisors Limited as Lead Arranger and Issuing House, has opened for subscription and is scheduled to close on July 31, 2026.
The Series 1 issuance comprises three tranches with different tenors, according to the transaction details. Tranche A is a 180 day instrument with a discount rate of 17.5 per cent and a yield of 19.15 per cent. Tranche B has a tenor of 270 days, a discount rate of 19.5 per cent and a yield of 22.79 per cent while Tranche C has a tenor of 364 days, a discount rate of 19.69 per cent and a yield of 24.50 per cent.
The minimum subscription is N5 million or 5,000 units at N1,000 per unit, with additional investments accepted in multiples of N1,000.
The company said proceeds from the issuance will be deployed to finance working capital and support its operations in the importation, trading, storage, distribution and supply of refined petroleum products across Nigeria and selected African markets.
The offer is expected to give investors an opportunity to participate in the growth of the downstream energy company, which said it has recorded sustained revenue growth, established robust off-take arrangements and continued improvements in profitability.
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Pivot, an indigenous integrated downstream energy company, supplies Premium Motor Spirit (PMS), Automotive Gas Oil (AGO) and Aviation Turbine Kerosene (ATK) to a wide customer base that includes bulk buyers, distributors, industrial users, logistics operators, manufacturers and retail-linked channels across major commercial centres such as Lagos, Calabar and Port Harcourt.
The company is also one of the 20 approved off-takers of the Dangote Refinery Premium Motor Spirit Consortium with a target volume allocation of 300 million litres per quarter.
The Series 1 Commercial Paper received short-term ratings of A3 from Agusto & Co., A3 from Global Credit Rating and A1 from DataPro Limited on the credit quality of the issuance, reflecting the company’s credit standing in the domestic debt market.
The N100 billion Series 1 issuance is the first drawdown under the N300 billion Commercial Paper Programme by Pivot, highlighting increased activity in Nigeria’s debt capital market as corporates continue to utilize commercial paper issuances to satisfy short-term funding needs, especially as market conditions evolve.
