This is about what the issuer is likely to do and not necessarily from the point of matching of maturities.

If the working capital requirement is not purely seasonal but a continuing requirement

This is about what the issuer is likely to do and not necessarily from the point of matching of maturities.

If the working capital requirement is not purely seasonal but a continuing requirement, issuers often use intermediate‑term debt to avoid excessive rollover and liquidity risk. CP might be aggressive and Equity or LT debt way too expensive. So,

• A company that is constantly rolling over short‑term paper to finance permanent working capital runs into rollover risk.

• To reduce rollover risk, many issuers term out some portion of their working capital financing into intermediate‑term debt (1–5 years) rather than purely relying on short-term paper.

Hope this helps.