According report, the
United Capital Plc has been appointed lead issuing house and financial
adviser of the first N8.5 billion Corporate Green Infrastructure Bond
offer by the North South Power Company (NSP).
The
Securities and Exchange Commission (SEC) has approved the 15-year tenor
bond, which represented the
longest tenured bond issued by a corporate
in the country.
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 Guideline
and the Green Bonds Issuance Rules of the Nigeria Securities &
Exchange Commission.
Speaking
at the signing ceremony over the weekend in Abuja, Executive Vice
Chairman/Chief Executive, NSP, Mr. Olubunmi Peters said “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.”
Chairman,
NSP, Mallam Ibrahim Aliyu, said the offer represented a “first testing
of the waters” by the company as it would be the first time it would
raise funds from the formal capital market, though it had raised money
from commercial banks.
He said:
“We operate the best post transaction power asset in Nigeria and it is
our intention to maintain this lead and improve it to create in due
course, a vertical power company engaged in a number of power
activities.........
- Thisdaylive
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