UAC of Nigeria Plc has successfully listed its N54.03bn Series One seven year 17.35 percent fixed rate bond on the FMDQ Securities Exce marking a major milestone in the company capital raising strategy. The listing forms part of UACN wider N150.00bn bond issuance programme and received approval from the FMDQ Exce Board Listings and Markets Committee.
The development reflects a growing shift among leading Nigerian corporates toward the domestic debt capital market as they seek le and long term funding options in a cing economic environment. The listing was disclosed in a statement issued by the FMDQ Securities Exce and shared with PUNCH Online on Friday.
UACN which has operated in Nigeria for over a century maintains strong interests across food and beverages real estate logistics and quick service restaurants. The company plans to deploy proceeds from the bond to improve its balance sheet refinance existing high cost obligations fund capital expenditure programmes and strengthen working capital across its various business segments.
Speaking on the successful transaction UACN Group Finance Director Mrs Funke Ijaiya Oladipo said the outcome demonstrated investor confidence in the company fundamentals and long term strategy. She noted that the bond issuance expands UACN funding base and supports the execution of key strategic initiatives.
Stanbic IBTC Capital Limited served as the Lead Issuing House for the transaction. Its Chief Executive Mr Oladele Sotubo described the bond as an important step in UACN growth journey noting that it provides the company with flexibility to diversify funding sources and accelerate expansion plans.
The FMDQ Exce reaffirmed its commitment to providing a technology enabled platform that supports capital access transparency and market development. The transaction also received support from Chapel Hill Denham Advisory Limited FCMB Capital Markets Limited and Quantum Zenith Capital and Investments Limited.
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