United Nigeria Airlines closes first tranche of ₦100bn CP programme …Exceeds N20bn target in oversubscribed issuance
United Nigeria Airlines closes first tranche of ₦100bn CP programme …Exceeds N20bn target in oversubscribed issuance United Nigeria Airlines has closed the first tranche of its ₦100 billion commercial paper (CP) programme after raising ₦22 billion. The issuance was oversubscribed with demand exceeding the ₦20 billion target, which reflects strong investor confidence in the airline’s financial performance, growth strategy and credit profile. In recognition of the strong response, United Nigeria Airlines absorbed 10% of the excess subscription and returned the remainder to subscribers whose applications could not be fully allocated. Responding to the development, the Managing Director of UNA, Mazi Osita Okonkwo said: “The level of demand we received is a clear endorsement of our business model, and financial performance as well as the confidence the market has in our growth plans. The proceeds will support fleet expansion and operations. We are grateful to the i...