According to a regulatory filing, Nigerian Breweries Plc has disclosed a proposal to raise N25bn through the issuance of commercial paper to support the company’s short-term working capital and other finance needs.
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 opened on Friday, April 28, 2023, and ended on May 3, 2023.
Part of the statement read, “Series 4 is for a tenor of 95 days (with an implied yield of 12.5 per cent), Series 5 for 186 days (with an implied yield of 13 per cent), and Series 6 for 228 days (with an implied yield of 14 per cent).”
The company added, “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.”
Nigerian Breweries had N20bn from commercial paper issuance earlier in the year.
