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United Capital Appointed Lead Issuing House on First Corporate Green Infrastructure Bond in Nigeria February 20, 2019

United Capital Plc, Africa’s renowned Investment Banking Group is pleased to announce its appointment as the lead issuing house and financial adviser of the first Corporate Green Infrastructure Bond by NSP- SPV PowerCorp Plc.

This marks Nigeria’s first Corporate Green Infrastructure Bond in the Nigerian Debt Capital Markets and with a 15-year tenor the longest tenured bond issued by a corporate.

Commenting on the appointment, United Capital Plc’s Group Chief Executive Officer, Peter Ashade said “United Capital is always exploring ways to provide innovative investment banking solutions to our clients. We congratulate our client, North South Power on a successful transaction of the Corporate Green Infrastructure Bond as we work together in achieving a common goal”

The Series 1 Green Bonds was assigned AAA national scale rating by Agusto & Co. and GCR  having being guaranteed by Infrastructure Credit Guarantee Company Limited and certified by TUV NORD CERT, an approved verifier under the Climates Bonds Standard, in conformance with the International Capital Market Association’s Green Bond Principles, Nigerian Federal Ministry of Environment’s Nigerian Green Bond Guidelines, and the Green Bonds Issuance Rules of the Nigeria Securities & Exchange Commission.

According to the Executive Vice Chairman and CEO of North South Power Company Limited, Engr. (Dr) Olubunmi Peters “with the completion of the Series 1 Guaranteed Green Infrastructure Bonds issuance, North South has established a long-envisioned link with a more sustainable long-term, local currency financing required to implement its ambitious strategic power generation expansion plan through the capital markets.”

The Series 1 Green Bonds was oversubscribed by 60% with firm commitments from twelve (12) institutional investors including nine (9) pension funds. The success of this transaction highlights the growing appetite for more socially responsible investment in the market.

United Capital Plc is acting as Lead Issuing House/Financial Adviser, while Stanbic IBTC Capital Limited, Vetiva Capital Management Limited and Zenith Capital Limited are Joint Issuing Houses to the Bond Issuance. Lions Head Global Partners acted as an adviser in the development of the Green Bond Framework, the assurance bond workstreams and also provided a second party opinion.

 

About United Capital Plc

United Capital Plc is a major financial and investment services provider listed on the main board of the Nigerian Stock Exchange. With a pan-African focus, United Capital Plc is strategically positioned to play a leading role in helping African governments and corporates achieve their strategic objectives through a robust suite of financial and investment service offerings