United Capital logo

UNITED CAPITAL PLC LEADS GEREGU POWER PLC’S N40BN BOND ISSUANCE

UNITED CAPITAL PLC LEADS GEREGU POWER PLC’S N40BN BOND ISSUANCE
L-R: Julius Omodayo Owotuga, Group Executive Director/Deputy Chief Executive, Geregu Power Plc, Buky Ikeotuonye, MD/CEO, United Capital Trustees Ltd, Akin Akinfemiwa, CEO, Geregu Power Plc, Gbadebo Adenrele, MD, United Capital Investment Bank, Akinleye Olubunmi Olagbende, General Counsel, Geregu Power Plc.

 

United Capital Plc, a leading investment banking and financial services group in Africa, recently served as the Lead Issuing House on the successful issuance of Geregu Power Plc’s N40.085 billion Senior Unsecured Bonds due 2029 under its N100 billion multi-instrument issuance program.

 

In its capacity as Lead Issuing House, United Capital Plc led a consortium of eleven Issuing Houses in securing what would become the largest corporate bond issuance by a power generation company in the Nigerian capital market. The deal, which marks Geregu Power Plc’s entry into the debt capital market, received strong demand from a wide range of investors, including commercial banks, asset managers, pension fund administrators, insurance firms, and others.

 

In a statement at the bond signing ceremony, Managing Director, United Capital Investment Banking, Dr Gbadebo Adenrele, said, “We are proud to have led a monumental transaction of this nature – the largest corporate bond issuance by a power generation company in the Nigerian capital market. This is another milestone for United Capital Plc as it affirms our reputation of excellence and our commitment to providing bespoke financial advisory to our clients and seamlessly executing complex transactions across the African financial market,” He added that United Capital Trustees also played a vital role as one of the trustees on the transaction.

 

For United Capital Plc, this is one of many historic transactions executed in recent years. The company served as Joint-Lead Financial Adviser to Heirs Holdings in the $1.1 billion acquisition of Nigerian oil bloc OML 17, one of the largest oil and gas financing transactions to take place in Africa in the last decade. They also served as Financial Adviser in Transcorp Consortium’s N105 billion acquisition of Afam Power Plc and Afam III Fast Power Limited. More recently, United Capital served as Joint Issuing House to Dangote Industries Limited Series 1 N186billion bond (the single largest Naira bond issue by a non-sovereign entity in Nigeria), Joint Issuing House to Shelter Afrique’s Series 1 N46 billion bond (first supranational bond issued to support Nigeria’s housing sector) and Joint-Lead Issuing House to Dangote Cement Plc’s N116 billion Series 2 Bond.

 

United Capital Plc is a leading Pan-African financial and investment services group, providing bespoke value-added service to its clients. United Capital Plc is positioned to play a strategic role in helping African governments, corporates, and individuals achieve their strategic objectives, through a robust suite of financial and investment service offerings by our Group companies across Investment Banking, Asset & Wealth Management, Trusteeship, Securities Trading and Consumer Finance. The Group is regulated by the Securities and Exchange Commission (SEC) in Nigeria.

Other related News