Nigerian Breweries Plc has announced its intention to raise N25bn via commercial paper issuance to provide support for the company’s short-term working capital and other funding needs.
This information was contained in a regulatory filing made available to reporters.
The company made this announcement to the Nigerian Exchange Limited and the investing public in a statement titled, ‘Series 4, 5 And 6 Of The Commercial Paper Programme,’ which was signed by the Company’s Secretary, Uaboi Agbebaku on Tuesday.
The commercial paper programme, which started on Friday, April 28, 2023, ended on Wednesday, May 3, 2023.
Nigerian Breweries stated that Series 4 would have a tenor of 95 days (with an implied yield of 12.5%), Series 5 for 186 days (with an implied yield of 13%), and Series 6 for 228 days (with an implied yield of 14%).
The company stated that the commercial paper programme would provide an additional opportunity for new and existing investors to invest in the company, support cost management initiatives, and serve as an additional source of funding for the company.
It should be noted that earlier in the year, Nigerian Breweries raised N20bn from commercial paper issuance.