By Aduragbemi Omiyale
The N13.7 billion 5-year Series 1 fixed rate senior unsecured bond issued by Emzor Pharmaceuticals has been exclusively listed on the Nigerian Exchange (NGX) Limited.
The paper, which is due in 2026, was issued to investors under the company’s N50 billion debt issuance programme.
Business Post reports that the note was sold on January 20, 2021, at a coupon rate of 10.00 per cent per annum, with solid interest from a diverse pool of institutional investors.
According to Emzor, which listed the bond on the exchange on Wednesday, April 21, 2021, proceeds from the exercise would be used to drive and accelerate its expansion plans and then deliver strong growth and margin improvement.
With the listing on the note on the NGX trading platform, members of the general public who invested in the bond can now sell their investments, while those who wish to invest can do so.
“This first-time bond issuance is a fantastic achievement for Emzor and is in line with our commitment to facilitate unlimited wellness by delivering quality and affordable medicines for all.
“The capital raised will, therefore, drive and accelerate our expansion plans, delivering strong growth and margin improvement.
“We recognise the efforts of the investor community ensuring the success of this bond issuance and commit to upholding their confidence in us as we deliver on our long- term growth strategy,” the Group Managing Director of Emzor, Mrs Stella Okoli, commented.
Over the years, Emzor has become a household name and continues to establish its footprint as a leading manufacturer of high-quality pharmaceutical and medical consumables in Nigeria.
Facilitated by lead issuing house, Renaissance Securities (Nigeria) Limited, and joint issuing house, Afrinvest (West Africa) Limited, the debut offering is without a doubt, a testament to the company’s growth potentials, and the level of confidence placed on the brand by the investing community.
On its part, the NGX continues to deliver on its commitment to provide a platform for issuers and investors to meet their investment objectives.
A week earlier, the market witnessed the listing of a N115 billion bond issued by BUA Cement, the largest of many corporate debt issuances in the history of the Nigerian capital market.
These and others have made the exchange the preferred listing destination for companies seeking to raise capital via corporate bonds, including private companies looking to raise public capital.
Adedapo Adesanya