WorldStage Newsonline– United Capital Plc is a leading financial services group in Africa said it had successfully raised N15 billion in its recently-issued Series 3 Commercial Paper (“CP”), under a N20 billion programme registered with the FMDQ Securities Exchange.
In a notice at the Nigerian Stock Exchange on Wednesday, United Capital said the development followed its debut Series 1 & 2 Commercial Paper issuance of N5.3 billion in April 2020.
It said the Series 3 270-day issuance was issued at a yield of 1.26% and had a subscription of circa 112% with firm commitments from a pool of institutional investors, particularly Asset Managers.
It said the issuance sets another ground-breaking record in the Nigerian Capital Markets, being the lowest yield on record for a 270-day CP issuance by a nonbank issuer. FSDH Capital Limited, United Capital Plc, and UCML Capital Limited acted as Arrangers to the transaction.
The Group Chief Executive Officer, Mr. Peter Ashade said, “The commercial paper issuance is in line with our bid to diversify our funding sources, strengthen our capital base and intensify our strategic initiatives aimed at providing innovative financing solutions to our clients.”
