United Nigeria Airlines Secures N22bn in CP Issuance
United Nigeria Airlines has closed the first tranche of its N100 billion commercial paper (CP) programme, raising N22 billion, which was oversubscribed, exceeding the N20 billion target. This strong demand indicates investor confidence in the airline's financial performance and growth strategy.
The Managing Director, Mazi Osita Okonkwo, stated that the demand reflects an endorsement of their business model. The proceeds from this issuance will support fleet expansion and operations.
The issuance was structured in two series, with tenors of 270 days and 364 days, and received investment-grade credit ratings from Agusto & Co. and DataPro. Rasaki Salawu, Managing Director of Meristem Capital Limited, confirmed the successful issuance, noting it is the first commercial paper issuance by an airline in Nigeria.
The issuance attracted a broad range of investors and was upsized by 10% to N22 billion despite excess demand of over N5 billion, demonstrating financial prudence.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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