United Capital Plc (the Company), a leading Pan-African financial and investment services Group has confirmed that the Company has successfully raised N5.3 billion in a Series 1 and 2 Commercial Paper (“CP”) issuance, under its N20 Billion Programme registered with the FMDQ Securities Exchange.
The Commercial Paper issuance, which was approved by the Company’s shareholders at the Annual General Meeting of March 2018, was subjected to regulatory approvals and borne out of the Group’s strategic initiatives, aimed at providing innovative financing solutions to the Company’s Corporate, Institutional and Government (parastatals, sovereign and sub-sovereigns) clients.
According to the Group CEO, Peter Ashade, “The Commercial Paper issuance will enable us to provide a wider range of wholesale financing solutions to our clients. It will also further complement our stable funding base and support the growth of our overall business.
“The Series 1 & 2 issuances, with tenors of 182 days and 270 days, were largely subscribed to by individual and institutional investors, with interest significantly tilted towards the 270-day offering”. he said