United Capital Plc has opened its Series 5 & 6 Commercial Paper issuances of up to N20 billion under the Issuer’s N50 billion CP Program.
The Issuer’s audited financial statement for 2020 shows Gross Earnings of N12.8 billion (up from N8.6 billion in FY 2019), a 61 percent PAT margin and total assets of over N222.7 billion.
The proposed issuance will represent United Capital’s fifth and sixth CP issuances following its successful Series 3 and Series 4 issuances of N17.53 Billion under the CP Program.
The offer which opened on Thursday 29 July, 2021 is expected to have an implied yield between 11.91 percent and 13 percent, and the proceeds are to be used to fund short term working capital requirements.
The issue is rated A’ by DataPro Limited; and ‘A-’ by Agusto & Co. Limited, and the minimum subscription is N5million and multiples of N1,000 thereafter.