Pivot Integrated Energy Services Limited has opened its ₦100 billion Series 1 Commercial Paper offer, giving investors the opportunity to participate in the growth of one of Nigeria's leading indigenous downstream energy companies.
The issuance, arranged by Pathway Advisors Limited, marks the first drawdown under a ₦300 billion Commercial Paper Programme completed in June and represents one of the more significant working-capital raises by a downstream player this year. Pivot is one of 20 approved off-takers under the Dangote Refinery PMS Consortium, with an allocated target volume of 300 million litres per quarter, positioning it among the indigenous companies feeding directly off Nigeria's largest refinery.
Subscription opened on 23 July and closes on 31 July, with the offer registered by the Securities and Exchange Commission. Investors can participate from a minimum of ₦5 million, sold in units of ₦1,000, across three tranches spanning 180, 270, and 364 days. Returns climb with tenor, from a discount rate of 17.5 per cent on the shortest tranche to 19.69 per cent on the longest, translating to yields of 19.15 per cent and 24.50 per cent respectively at maturity.
Independent rating agencies have weighed in on the credit strength behind the offer. Global Credit Rating assigned Pivot an A3 short-term rating, Agusto & Co. rated the company Bbb- long-term and A3 short-term, while DataPro Limited placed it at A- long-term and A1 short-term.
With subscription open until 31 July, the offer gives both institutional and qualified investors early access to a fast-growing player in Nigeria's downstream energy space.