Finance

Export company launches N10bn commercial paper

Export company launches N10bn commercial paper

Neveah Limited, an exporter of agro-commodities and solid minerals company, has announced the redemption of its N2.7bn Series 1 Commercial Paper under a debut N10bn commercial paper.

In a statement, Neveah also disclosed the renewal of its credit rating while explaining the successful redemption of its Series 1 commercial paper proceeds at maturity.

The report said, “The Series 1 CP had a tenor of 180 days and matured on the 24th of May 2022. Institutional investors, majorly asset and fund managers subscribed to the issue.

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“This redemption evidences Neveah’s commitment to fulfilling its obligations while optimally utilising proceeds for its short term working capital needs.”

The statement said the company had renewed its credit rating report and was accorded a long-term investment grade rating of BBB and a short-term rating of A1 by Datapro.

The rating was said to be valid till May 2023 and was assigned due to Neveah’s revenue profile and strategic diversification of income sources.

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Commenting on the rating renewal, Neveah’s Head of Accounts, Chukwuemerie Kanu, said, “The rating has shown the credibility of Neveah Limited in meeting its short -and long-term obligations.

“Neveah is a viable investment ground for investors, and we are out to ensure that risks are at all times minimised if not eliminated.”

Punch

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