According to a regulatory document that The PUNCH was able to access, Nigerian Breweries Plc has disclosed an intention to raise N25 billion through the sale of commercial paper in order to support the company’s short-term working capital and other finance requirements.
A declaration headed “Series 4, 5 And 6 Of The Commercial Paper Programme” signed by the Company’s Secretary, Uaboi Agbebaku, on Tuesday provided information regarding the issuance to the Nigerian Exchange Limited and the investing public.
The breweries claimed that the commercial papers will run from Friday, April 28, 2023, to Wednesday, May 2, 2023.
The statement included the following information: “Series 4 is for 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 firm went on to say that “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 offering earlier in the year brought Nigerian Breweries N20 billion.