Neveah issues N5.7b Series 3, 4 CP

NEVEAH Limited, a commodity export company, has announced the quotation of its series three and four commercial paper ( CP) issuances on the FMDQ Exchange.

Both instruments were well received and subscribed to by a wide range of investors, including asset managers and High networth individuals ( HNIS).

The issuances are in line with the company’s strategic objective to evolve as a leading dealer and exporter of world- class quality agro- commodities and ensure a transparent business approach.

The successful debt financing rounds came on the heels of the firm’s retention of A1 ( short- term) and BBB ( longterm) ratings with a positive outlook from Datapro Ratings.

The Chief Executive Officer, Ibidapo Lawal, said: “The CP issuances will further place the company in a strategic position to meet its contractual obligations with off- takers, while building its strength, as a leader in the international commodities export market.

“It is a pleasure to have United Capital Plc as the sole arranger on the CP Issuance Programme and Ava Trustees as a trustee to the transaction”.

The Managing Director/ CEO, Investment Banking at United Capital Plc, Gbadebo Adenrele, said: “United Capital is pleased to be the sole arranger on the transaction. The successful completion of Neveah series three and four CP further confirms our position in supporting SMES to access funding from Nigeria’s market. The strong investor appetite witnessed affirms Neveah’s strong management execution capacity and corporate governance position.”