Nigerian Breweries Plc has disclosed a proposal to raise N25bn through the sale of commercial paper to support the company’s short-term working capital and other finance needs according to a regulatory filing acquired by The Punch
In a report titled “Series 4, 5 And 6 Of The Commercial Paper Programme” and signed by the Company’s Secretary, Uaboi Agbebaku, the firm alerted the Nigerian Exchange Limited and the investing public about the issuance on Tuesday.
According to the brewery, the series of commercial papers began publication on Friday, April 28, 2023, and ended on May 3, 2023.
Series 4 is for a tenor of 95 days (with an inferred yield of 12.5%), Series 5 is for 186 days (with an implied yield of 13.0%), and Series 6 is for 228 days (with an implied yield of 14.0%), according to the statement.
According to the corporation, “The CP Programme continues to provide an additional opportunity for existing and new investors to invest in the company, as well as support the company’s cost management initiatives and serve as an additional source of funding for the company.”
The commercial paper issuance earlier in the year brought Nigerian Breweries N20 billion.
