September 24, 2018

UACN Property Development Company PLC.

UACN Property Development Company PLC.

₦4,355,000,000 16% series 1 senior guaranteed fixed rate bonds due 2023 issued at par.

Deal Description: 

FBNQuest Merchant Bank Limited successfully structured and issued the UACN Property Development Company PLC (UPDC) Series 1 Bond in April 2018. The offer represented the second bond issuance by the company and formed part of the company’s efforts at deleveraging its balance sheet. The transaction was significantly enhanced by a corporate guarantee offered by the issuer’s parent company and two financial institutions. Accordingly, the bond was rated ‘A-’, i.e., seven (7) notches higher than the company’s rating which encouraged subscription by pension funds and asset managers (accounting jointly for 65% of total allotment).

UACN Property Development Company PLC.

N10.66 billion Series 29-31 Commercial Papers.


Deal Description: 

In April 2018, FBNQuest Merchant Bank Limited (“FBNQuest”) acted as Joint arranger and dealer alongside Coronation Merchant Bank for the issuance of the UPDC Series 29-33 Commercial Papers under the N24 billion programme, raising a total of N10.66billion across the 90, 120 and 182 days tenors.

UACN Property Development Company PLC.

N16.79 billion 183-day Commercial Paper Issuance (Series 1) under the N24 billion Programme.

Deal Description: 

The issuance incorporated a first of its kind credit enhancement structure novel to domestic CP issuances and this influenced the 168% subscription level recorded on the transaction. FBN Capital’s role as Joint Lead Arranger involved structuring the notes, advising on appropriate transaction structure, timing and pricing; guidance on investor appetite and distribution of the Notes to investors.