Sycamore Integrated Solutions Limited has officially opened subscriptions for its ₦3 billion Series 1 Commercial Paper Issuance, offering qualified investors the opportunity to participate in a high-yield short-term debt instrument under the company’s ₦20 billion Commercial Paper Programme.
The offer, arranged by BAS Capital Limited as Lead Arranger and Issuing & Placing Agent, opened to investors on Monday, March 9, 2026, and will close on Friday, March 20, 2026, or earlier if the offer is fully subscribed.
Market feedback since opening indicates strong early investor interest, with allocations expected to be filled progressively during the subscription window.
The transaction is being executed alongside Joint Arrangers and Issuing & Placing Agents — AIICO Capital Limited, Norrenberger Advisory Partners Limited, and Pathway Advisors Limited.
The Series 1 issuance, valued at ₦3 billion, is structured across two tranches designed to meet different investor preferences within the fixed income market.
Offer Structure
- Tranche A: ₦1.5 billion, 180-day tenor, priced at a 21.4601% discount rate with a yield of 24.00%
- Tranche B: ₦1.5 billion, 270-day tenor, priced at a 21.0983% discount rate with a yield of 25.00%
The programme carries a BBB+ long-term rating and A2 short-term rating from DataPro Limited, reflecting the agency’s assessment of the issuer’s credit profile and capacity to meet its financial obligations.
Proceeds from the issuance will be deployed to support Sycamore’s short-term working capital requirements, strengthening the company’s lending capacity and enabling it to expand financing solutions for businesses and individuals across Nigeria.
Leadership Commentary
Commenting on the opening of the offer, the Managing Director of BAS Capital Limited, Yinka Adetuberu, emphasized the strong investor interest the transaction has already generated.
“The opening of the Sycamore Commercial Paper offer demonstrates the continued depth and resilience of Nigeria’s debt capital markets. Since launch, we have seen encouraging interest from investors seeking quality short-term instruments with competitive yields. Given the size of the issuance, we encourage interested investors to secure allocations early within the subscription window.”
The Managing Director of Sycamore Integrated Solutions Limited, Gbenga Magbagbeola, noted that the issuance represents a key milestone in the company’s funding strategy.
“This Commercial Paper issuance marks an important step in strengthening Sycamore’s funding framework. Accessing the capital markets allows us to diversify our funding sources while positioning the company to scale our lending operations more efficiently. We are pleased with the strong early interest the offer has generated and appreciate the partnership of BAS Capital and our advisers in bringing this opportunity to investors.”
Transaction Parties
Other key participants in the transaction include:
- Collecting and Paying Agent: FSDH Merchant Bank Limited
- Trustees: Plethoria Trustees and Fiduciary Services Limited and Coronation Trustees Limited
- Solicitors: Africa Law Practice NG & Co.
- Registrars: Cardinalstone Registrars Limited
How Investors Can Participate
Qualified investors interested in participating in the Sycamore Series 1 Commercial Paper Issuance are encouraged to secure allocations early, as the ₦3 billion offer size is limited and subscriptions may close ahead of schedule once fully allocated.
For subscription details and participation:
Visit: https://www.basgroup.ng/
Contact:
Yinka: +234 703 719 5389
Francis: +234 817 490 3144
Abulateef: +234 909 291 9945
Investors may also contact their investment advisers, brokers, or capital market operators to facilitate participation in the offering.
