• Wednesday, November 29, 2023
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Neveah issues N8.9bn Series 6-13 Commercial Paper

Neveah redeems N2.04bn Series 13 Commercial Paper

Neveah, a commodity trading company, has announced the completion of its Series 6-13 Commercial Paper issuance, raising a cumulative N8.9 billion. The series 6-13 issuances were subscribed to by a wide range of investors, including asset managers, insurance companies, PFAs and trustees.

The issuance received the approval of FMDQ Securities Exchange Limited (“the Exchange”).

The successful completion of the Series 6-13 Commercial Paper Issuance further strengthens Neveah’s resolve to evolve into a leading dealer and exporter of quality solid minerals and agro commodities to its clients while ensuring a transparent business approach.

The successful debt financing rounds came on the heels of ratings of A1 (short-term) and an upgraded rating of BBB+ (long-term) with a positive outlook retained from DataPro Ratings.

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Ibidapo Lawal, the company’s CEO, said: “Our goal is to become the apex export firm for solid minerals and agro products in Nigeria. This issuance will help meet our working capital needs and further enhance our capacity to achieve our goals. We are grateful to all the parties who made this a success.

Also, Gbadebo Adenrele, managing director/CEO, Investment Banking at United Capital, stated that: “United Capital plc is pleased to act as a lead arranger to Neveah on its successful capital raising rounds which support the company’s strategic growth objectives and will continue to leverage on its deep knowledge of the capital markets to provide the right support for SMEs and mid-market businesses seeking to access funding.”