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United Capital to raise N20 bln 180-day, 270-day Commercial Paper

United Capital plans to raise up to N20 billion from the offering of 180-day and 270-day commcercial paper, according to a notice by people familiar with the offers.

The debt issuance is being conducted through the series 5 and six of the investment banking group programme.

According to the firm, the offer opened on July 29 and would close on August 4 with a settlement on August 5, 2021.

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The 180-day and 270-day tenor Commercial Papers are being issued at discount rates of 11.25 percent and 11.86 percent, with implied yields of 11.91 percent and 13.00 percent, respectively.

The issuer is assigned an ‘A’ rating by DataPro and an ‘A-‘ rating by Agusto.

The company intends to deploy the proceeds from the debt issue to finance short term working capital requirements.

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