A Leading commodity trading company, Neveah has announced the completion of its Series 6–13 Commercial Paper Issuances, wherein a cumulative amount of N8.9 billion was raised.
In a statement issued by the company said the series 6-13 issuances were well received and subscribed to by a wide range of investors including asset managers, insurance companies, PFAs and trustees.
In addition, the issuance received the approval of FMDQ Securities Exchange Limited (“the Exchange”).
The company said the successful completion of the Series 6-13 Commercial Paper Issuance affirms its strategic objective to evolve into a leading dealer and exporter of world-class 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.
The Chief Executive Officer, Mr Ibidapo Lawal 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.
On his part, the Managing Director/CEO, Investment Banking at United Capital Plc, Dr Gbadebo Adenrele, stated that: “United Capital Plc is pleased to act as 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.”
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