NIGERIA – Neveah Limited, Nigerian exporter of agro-commodities, has announced the quotation of its Series 3 and Series 4 Commercial Paper Issuances on the FMDQ Exchange totalling N5.7 billion (US$13.7 million).
According to a statement from the company, both Series 3 and 4 CP issuances were well received and subscribed to by a wide universe of investors including asset managers and High Net worth Individuals (HNIs).
The issuance of these Series is in line with the Company’s strategic objective to evolve as a leading dealer and exporter of world-class quality agro-commodities and minerals to its clients while ensuring a transparent business approach.
According to the Chief Executive Officer, Mr. Ibidapo Lawal, “The commercial paper issuances will further place the company in a strategic position to meet its contractual obligations with off-takers, while building its strength as a leader in the international commodities export market.
“It is a pleasure to have United Capital as the Sole Arranger on the Commercial Paper Issuance Programme and Ava Trustees as Trustee to the transaction. Neveah is delighted at the opportunity to access alternative funding to meet its short-term working capital requirements.”
The successful debt financing rounds came on the heels of ratings of A1 (short-term) and BBB (long-term) with a positive outlook retained from DataPro Ratings, coupled with the strategic partnership and guidance of United Capital Plc.
The Managing Director/CEO, Investment Banking at United Capital Plc, Dr Gbadebo Adenrele stated that, “United Capital is pleased to be the Sole Arranger on the Transaction. The successful completion of Neveah Limited Series 3 & 4 CP further confirms our position in supporting SMEs to access funding from the Nigeria Capital Markets.
“The strong investor appetite witnessed affirms Neveah’s strong management execution capacity and corporate governance position. United Capital Plc, leveraging on its deep knowledge of the capital markets, is well positioned to provide the right support for SMEs and mid-market businesses seeking to access funding.”
Neveah Limited is registered by the Nigerian Export Promotion Council (NEPC) as an exporter of agro-commodities and solid minerals.
The company was established in 2014 and has its head office in Abuja and operational offices in five states.
Neveah’s major markets are in Europe, North America and Asia, where it exports commodities to Switzerland, Germany, The United States, Hong Kong and China.