By Izuchukwu Mayor, Lagos
Pathway Advisors Limited, a leading issuing house and financial advisory firm, has announced the successful completion of the Series 2 Commercial Paper issuance for Veritasi Homes & Properties Plc.
The company said in a statement that the Series 2 offer, issued under Veritasi Homes’ newly registered ₦20 billion Commercial Paper Programme, raised ₦16.76 billion, significantly above its initial ₦12 billion target on the back of strong institutional demand.
This issuance builds on the Company’s track record in the Nigerian debt capital market and follows the recently-concluded ₦10 billion 3-year 20% Series 1 Fixed Rate Bond Issuance, further reinforcing investor confidence in Veritasi Homes’ strong credit profile.
The 364-day tenor instrument attracted robust participation from a diverse pool of institutional investors, underscoring sustained confidence in the Company’s financial strength, operating model, and governance standards.
Commenting on the deal, the Founder/CEO of Pathway Advisors Limited, Adekunle Alade, was said to have noted that the outcome further validates investor appetite for well-structured transactions in the Nigerian capital market.
He 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.”
He further highlighted that Veritasi Homes’ consistent market activities since 2022, including successful issuances and full redemption of matured obligations, continue to strengthen its reputation among institutional investors.
This result reflects the resilience of our business model, our growing market reputation, and the continued trust of the investment community.
Pathway Advisors reiterated its commitment to maintaining its leadership position within Nigeria’s capital markets through the origination and execution of transformative, value-driven, and commercially viable transactions by deploying innovative financial solutions and facilitating strategic capital formation across critical sectors.
“We are committed to supporting credible corporates in accessing efficient short-term and long-term financing solutions within the Nigerian capital market,” it added.
Also speaking on the transaction, the Managing Director/CEO of Veritasi Homes & Properties Plc, Nola Adetola, described the outcome as a strong endorsement of the Company’s fundamentals.
He said: “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.”
He added that the proceeds from the issuance will be deployed to support the Company’s working capital requirements, enhance liquidity, and complete the ongoing development activities across its real estate portfolio.
Mr. Adetola also commended Pathway Advisors for its advisory and arranging role in the successful execution of the transaction.
