Pathway Advisors Limited, a leading issuing house and financial advisory firm, has completed the Series 2 Commercial Paper issuance for Veritasi Homes & Properties Plc, raising N16.76bn.
The Series 2 offer, issued under Veritasi Homes’ newly registered N20.00bn Commercial Paper Programme, significantly outperformed its initial N12.00bn target due to robust institutional demand.
The 364-day instrument attracted widespread participation from a diverse pool of institutional investors. This capital raise builds on Veritasi’s recent market momentum, following its N10bn 3-year Series 1 Fixed Rate Bond Issuance which carried a 20 per cent coupon rate.
Details of the CP issuance were contained in a statement signed by the Corporate Communications Lead, Pathway Holdings Limited, Adenike Yusuf, on Monday.
Commenting on the successful transaction, the Founder and Chief Executive Officer of Pathway Advisors Limited, Adekunle Alade, said, “The strong oversubscription speaks to the market’s confidence in Veritasi Homes’ performance, governance, and repayment track record. We are pleased to continue supporting issuers with strong fundamentals in accessing efficient funding.”
Alade further noted that the real estate firm’s consistent debt capital market activities since 2022, alongside the timely redemption of its matured obligations, have solidified its institutional reputation.
Reacting to the close of the alliance, the Managing Director and Chief Executive Officer of Veritasi Homes & Properties Plc, Nola Adetola, stated, “This result reflects the resilience of our business model, our growing market reputation, and the continued trust of the investment community. We are grateful to all institutional investors for their confidence in Veritasi Homes.”
Adetola also lauded the issuing house for its strategic steering of the capital raise, adding, “We commend Pathway Advisors Limited for its advisory and arranging role in the successful execution of this transaction. Proceeds from this issuance will be immediately deployed to support our working capital requirements, enhance corporate liquidity, and accelerate ongoing development activities across our real estate portfolio.”
