The N20 billion commercial papers programme of Viathan Funding Plc has been registered by FMDQ Securities Exchange following an approval by its board listings and markets committee.
The Funding is a special purpose vehicle established by Viathan Engineering Limited to raise capital from the Nigerian debt capital market. Funds raised from the issue will be used to meet the working capital needs of the company.
By this move Viathan is tapping into the debt capital market as commercial paper instruments continue to provide issuers with renewed opportunities to grow their businesses and restore investors’ confidence, and simultaneously contribute to the overall development of the Nigerian debt capital market.
Viathan Engineering Limited is an integrated energy services solutions company in Nigeria that focuses on captive and embedded power generation, providing modular, scalable power-as-a-service to end-users, government agencies, industrial and commercial services, amongst others.
Registration of this CP programme on FMDQ Exchange’s platform demonstrates its continued commitment to project the Nigerian debt capital market as the key source of finance for infrastructure and economic development in Nigeria.
Speaking on the successful registration, Habeeb Alebiosu, the co-founder and chief executive, Viathan Funding Plc, said the company was pleased with the registration of the N20 billion CP Programme.
“As we look to consolidate on our growth thus far, access to capital in the form of liquidity support instruments is crucial. This CP is a strategic funding initiative that will enable the much-needed agility required for containing lead times associated with infrastructure projects.
“We remain steadfast in our objective to unlock value for our stakeholders, as we develop the requisite infrastructure to facilitate the generation, distribution of uninterrupted, environmentally clean electricity and to accelerate gas utilisation in Nigeria,” the chief executive added.
Alebiosu also added that this registration is a step towards positioning the company as a leading player in the integrated energy sector.
The sponsor of the CP programme was FBNQuest Merchant Bank Limited, a registration member (quotations) of the exchange, represented by Oluseun Olatidoye, head, capital markets, who said FBNQuest Merchant Bank Limited was pleased about its role as lead arranger on the registration of Viathan Funding Plc CP Programme under the N20 billion Programme of the company’s special purpose vehicle.
