
CP- UPDC
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Dear Investor,
We are pleased to inform you that the offer for the UACN Property Development Company PLC (UPDC) Series 33 Commercial Paper opened today (9 October 2018) and will close by 4pm on Friday (12 October 2018).
Please find below summary of the offer. kindly send an email to trading@erebuscapital.net if you would like to participate in this offer. Erebus Capital also pools funds from investors with less than the required minimum of NGN5m who are interested in participating in this offer.
Issuer | UACN Property Development Company PLC |
Series Number | 33 |
Tenor | 178 days |
Target Size | Up to NGN8 billion |
Discount Rate | 13.98% |
Implied Yield | 15.00% |
CP Programme Rating | ‘S2’ by Agusto & Co. Limited (equivalent to an ‘A-‘ rating) |
Offer Opens | Tuesday, 09 October 2018 |
Offer Closes | Friday, 12 October 2018 |
Funding | Monday, 15 October 2018 |
Credit Enhancements | 1. Corporate Guarantee by UAC of Nigeria PLC (A-, Agusto & Co.) |
2. Liquidity Support Facility by FBNQuest Merchant Bank Limited (A, Agusto & Co.) | |
3. Liquidity Support Facility by Coronation Merchant Bank Limited (A+, Agusto & Co.) | |
Minimum Subscription | NGN5 million |
Tax Consideration | Free and clear of withholding taxes |