Fidson Seeks N5bn from Commercial Paper Sales for Funding Requirements

December 19, 2023
fidson healthcare

By Aduragbemi Omiyale

About N5 billion is expected by Fidson Healthcare Plc from the sale of commercial paper, Business Post reports.

The commercial paper is being sold under Series 7 and 8, with respective tenor of 210 days and 270 days under its N10 billion commercial paper issuance programme, according to details of the exercise obtained by this newspaper.

The drug manufacturing firm said it wants the funds from the CP sales for short-term working capital and funding requirements, and it intends to repay investors from its cash flows.

Subscription for the debt instrument commenced on Thursday, December 14, 2023, and will climax on Wednesday, December 20, 2023.

The minimum subscription for the CP is N5 million and in multiples of N1,000 thereafter.

The firm is selling the 210-day paper at a discount rate of 15.07 per cent and a yield of 16.50 per cent, while the 270-day paper comes with a discount rate of 15.70 per cent and a yield of 17.75 per cent.

The lead arranger for this transaction is FSDH Capital Limited.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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