United Nigeria Airlines Issues Commercial Paper, Targets Raising N20bn
Chinedu Eze United Nigeria Airlines Company Limited has announced intention to issue commercial paper with a first tranche of N20 billion, indicating that it is the first domestic operator to do so. According to
United Nigeria Airlines, the first domestic airline to issue commercial paper, has announced plans to raise N20 billion through the issuance of series one and two commercial papers with tenors of 270 days and 364 days, respectively. The transaction, led by Meristem Capital Limited and dealers including Cordros Advisory Services Limited and FCMB Capital Markets Limited, aims to strengthen the airline's financial position and support its expansion into domestic, regional, and international operations.
The airline has secured investment grade ratings from two rating agencies, with Agusto & Co. assigning A3 for the short term and BBB- for the long term, and DataPro assigning A1 and BBB for the short term and long term, respectively.
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