United Capital leads Geregu power’s N40bn bond insurance

United Capital Plc, an African financial and investment-banking group, under its N100 billion multi-instrument issuance program, has served as the Lead Issuing House on the successful issue of Geregu Power Plc N40.085 billion Senior Unsecured Bonds due 2029.

According to a statement, in its capacity as Lead Issuing House, United Capital led a consortium of eleven Issuing Houses in securing what would become the largest corporate bond issuance by a power generation company in the Nigerian capital market.

“The deal, which marks Geregu Power Plc entry into the debt capital market, received strong demand from a wide range of investors, including commercial banks, asset managers, pension fund administrators, insurance firms, and others,” the statement said.

In a statement at the bond signing ceremony, Gbadebo Adenrele, managing director, United Capital said, “We are proud to have led a monumental transaction of this nature – the largest corporate bond issuance by a power generation company in the Nigerian capital market.

“This is another milestone for United Capital Plc as it affirms our reputation of excellence and our commitment to providing bespoke financial advisory to our clients and seamlessly executing complex transactions across the African financial market.”

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He added that United Capital Trustees also played a vital role as one of the trustees on the transaction.

In addition, for United Capital Plc, this is one of many historic transactions executed in recent years.

However, the company served as Joint-Lead Financial Adviser to Heirs Holdings, in the $1.1 billion acquisition of Nigerian oil bloc OML 17, one of the largest oil and gas financing transactions to take place in Africa in the last decade.

According to the statement, they also served as Financial advisers in Transcorp Consortium’s N105 billion acquisition of Afam Power Plc and Afam III Fast Power Limited.

Recently, United Capital served as Joint Issuing House to Dangote Industries Limited Series 1 N186 billion bond (the single largest naira bond issue by a non-sovereign entity in Nigeria).

And, Joint Issuing House to Shelter Afrique’s Series 1 N46 billion bond (first supranational bond issued to support Nigeria’s housing sector) and Joint-Lead Issuing House to Dangote Cement Plc’s N116 billion Series 2 Bond.

United Capital Plc is a financial services institution in Nigeria providing products and services for investment banking, asset management, trusteeship, securities trading, and insurance.

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