The first half of the month of June 2022 is filled with corporate deal announcement by Nigerian corporates and startups with notable funds raised from the local debt market, venture capitalists, and Angel investors.
Nairametrics tracks and compiles notable deals that were consummated in the Nigerian business scene in the past two weeks, with emphasis on companies that have exposure in the Nigerian market.
UBA redeemed its $500 million Eurobond
The United Bank for Africa Plc (“UBA” or the “Group”) on Wednesday 8th June, redeemed its $500 million 5-year Eurobond notes, with a maturity date of June 8, 2022, which it issued in 2017 at a coupon rate of 7.75%.
Recall that, the bank repurchased $310.9 million of the notes through a cash tender offer. Upon maturity, the outstanding portion of $189.1 million and the coupon of $7.3 million were paid.
According to the GMD/CEO of the Group, Kennedy Uzoka, “Our significant customer base, diversified geographical spread and multiple decades of proven track record, continue to ensure that UBA is the preferred destination for investors, individuals, and businesses alike.”
UAC completed N18.7 billion CP Issuance
UAC of Nigeria PLC announced the successful completion of its N18.7 billion Series 1 and 2 Commercial Paper issuance, the debut issuance under its recently established N45 billion commercial paper programme.
According to disclosures filed to the Nigerian Exchange, the CP Issuance comprised two tenors; a 90-day Series 1 issuance priced at 8% yield, and a 181-day Series 2 issuance which priced at 8.25% yield.
The company said the CP issuance was 3.8x subscribed and was part of the intra-group treasury arrangement between UAC and its subsidiaries aimed at meeting short-term working capital requirements.
For the deal, Stanbic IBTC Capital Limited acted as lead arranger and dealer to the CP Issuance, while FCMB Capital Markets Limited acted as joint dealer to the CP Issuance. Banwo & Ighodalo acted as solicitors to the Transaction.
ShopEx raises $635,000 pre-seed funding led by HAVAìC
Nigeria’s multi-channel retail business, ShopEx secured a $635,000 pre-seed funding in a round led by South African Venture Capital firm, HAVAìC.
The startup says the investment will strengthen its mission to bring ‘teleshopping’ to the everyday life of Nigerians by creating direct-to-consumer live shopping experiences.
The startup, which was founded in 2018 by Isi Abebe and advised by Expert Media Partners (EMP), ShopEx digitises and integrates the customer journey across numerous channels or platforms, from television to Instagram, to improve customer engagement and sales conversions.
Klasha raises $2.1 million to improve cross-border commerce in Africa
Nigerian startup, Klasha raised the sum of $2.1 million to expand its array of products for the cross-border commerce space in Africa. The new funding brings its total seed round to $4.5 million having secured $2.4 million in October last year.
A group of international investors co-led by American Express (AMEX) Ventures, the strategic investment group of American Express participated in the latest deal. Investors from its first seed tranche such as Greycroft, Seedcamp, Plug and Play, Berrywood Capital and Breega also took part.
Indicina raised $3 million Seed round for African expansion
Credit agency startup, Indicina has raised $3 million to drive its African expansion plans. The company, which currently operates in Nigeria and Kenya says it will also use the fund to build more products for consumer credit recommendations and bolster its infrastructure.
Berlin-headquartered and pan-European venture capital firm, Target Global led the round, adding to its long list of investments in Nigerian startups, including Kuda, Kippa, and Edukoya. The firm’s partner, Ricardo Schäefer will join Indicina’s board. Greycroft also participated in this round, as well as RV Ventures.