Pathway Advisors Limited, on Monday, announced the successful completion of the maiden N100 billion Series 1 Commercial Paper issuance by Pivot Integrated Energy Services Limited under its N300 billion Commercial Paper Programme.
The landmark transaction, which marks Pivot’s first entry into Nigeria’s debt capital market, according to a statement, was met with strong demand from institutional and sophisticated investors, resulting in the issuance being oversubscribed at N100.08 billion.
This, the company said, 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.
the company plans to use the proceeds of the Issuance to 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, Adekunle Alade, Founder and Chief Executive Officer of Pathway Advisors, described the “debut issuances are always the ultimate test of market confidence. Pivot passed that test emphatically.
The level of demand recorded for this maiden CP issuance is a powerful endorsement of the Pivot’s management team and the strength of the investment proposition presented to the market.
The statement described the issuance as a landmark achievement for Pivot and a significant milestone for Nigeria’s commercial paper market, expressing pride to have played a central role in bringing Pivot success fully into the debt capital market, and we look forward to supporting the company through the subsequent phases of its N300 billion CP programme.
Pathway Advisors extended appreciation to the institutional investors such as the Pension Fund Administrators (PFAs), insurance companies, banks, asset management companies, investment funds, corporate treasuries and other institutional and sophisticated investors who participated in the issuance for the trust, confidence and strong participation that resulted in huge success.
“Their strong response represents more than successful subscription; it is a powerful endorsement of Pivot’s business model, management capabilities, growth strategy and credit fundamentals,” Alade added.
Also speaking, 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.”
This landmark achievement would not have been possible without the performance and outstanding advisory services provided by Pathway Advisors Limited the Transaction Sponsor, Financial Adviser and Lead Issuing House & Lead Arranger, steering the transaction from structuring through to this resounding close.
Joint Arrangers for the issuance 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, Fidelity Bank Plc; Globus Bank Limited; Polaris Bank Limited; while Alliance Law Firm served as Solicitor.
