We are pleased to inform you of the Series 3 and 4 Commercial Paper issuance (“CP or the “Issuance”), under the Union Bank of Nigeria Plc (“Union Bank” or the “Bank”) NGN100 Billion CP Issuance Programme is now open and scheduled to close on 21 January 2020. The Issuance follows the debut Series 1 and 2 Offer by the Bank, which successfully raised NGN24.3 Billion in 2019.
Union Bank is a public limited liability company duly licenced under the laws of Nigeria to carry on commercial banking activities in Nigeria.
Union Bank is one of Nigeria’s leading financial services organisations, with approximately 5.6 million active customers serviced via 280 branches and cash centres nationwide, an asset base of over NGN1.8 Trillion and total equity in excess of NGN240 Billion as at 30 September 2019.
Please find below a summary of the terms of the offer:
|Issuer:||Union Bank of Nigeria PLC|
|Dealers:||Stanbic IBTC Capital Limited
Union Capital Markets Limited
|Target Size:||Up to NGN20 billion across both tenors|
|Offer Opens:||Thursday, 16 January 2020|
|Offer Closes:||Tuesday, 21 January 2020|
|Allotment Date:||Tuesday, 21 January 2020|
|Settlement Date:||Wednesday, 22 January 2020|
|Issuer Rating:||A- (Agusto & Co.); A- (DataPro); BBB+ (GCR)|
|Minimum Subscription:||NGN5 million|
|Tax Consideration:||Free and clear of withholding taxes|
The following documents are attached for your perusal: