United Nigeria Airlines raises N22 billion in debut CP issuance, exceeds target
United Nigeria Airlines (UNA) has raised N22 billion through its debut commercial paper (CP) issuance, exceeding its initial N20 billion target following strong investor demand. The post United Nigeria Airlines raises N22 billion in debut CP issuance, exceeds target appeared first on Nairametrics .
United Nigeria Airlines (UNA) successfully raised N22 billion through its debut commercial paper (CP) issuance on its debut, surpassing the initial target of N20 billion due to strong investor interest. This marks the airline's entry into Nigeria's short-term debt market and represents the first tranche of its N100 billion commercial paper program.
Meristem Capital Limited, as the Lead Issuing House, noted the issuance of two series with tenors of 270 and 364 days, receiving support from asset managers, insurance companies, and high-net-worth individuals. UNA plans to use the funds to strengthen working capital and support fleet expansion. The airline's performance has improved over the past five years, with commercial paper raising a total of N1.61 trillion in 2025, up 40% from N1.15 trillion in 2024.
The average commercial paper discount rate and tenor also saw increases. This financing strategy aligns with UNA's five-year expansion plan, involving both domestic, regional, and international operations.
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