UAC of Nigeria PLC has announced the successful completion of its N18.7 billion Series 1 and 2 Commercial Paper issuance. The debut issuance under its recently established N45 billion commercial paper programme.
According to disclosures filed to the Nigerian Exchange, the CP Issuance comprised two tenors; a 90-day Series 1 issuance priced at 8% yield, and a 181-day Series 2 issuance which priced at 8.25% yield.
According to the business, the intra-group treasury agreement between UAC and its subsidiaries included the CP issuance. Which was 3.8x subscribed and was intended to cover short-term working capital requirements.
What they are saying
Part of the announcement read: “UAC of Nigeria PLC is happy to announce the successful completion of its N18.7 billion Series 1 and 2 commercial paper issuance”. The first issuance under its recently created N45 billion Commercial Paper Programme. This reflects the strong credit quality of the Company and investors’ positive sentiment towards UAC’s operations and strategy.
Funke Ijaiya-Oladipo, said, “We are glad to have successfully completed our first CP Issuance in the Nigerian debt market. It is clear from this that the investing community has confidence in our Company and their long-term viability. We are happy with the success of the CP Issuance and grateful to all parties involved in the transaction.”