By Dipo Olowookere
The management of Nigerian Breweries Plc has announced the commencement of the sale of its commercial paper worth N20 billion.
The corporate debt note, according to a notice issued by the firm to the Nigerian Stock Exchange (NSE), is offered in two maturities; 180 days and 270 days.
The brewery giant intends to raise about N20 billion from the exercise, which would be used to meeting the short-term funding needs of the organisation.
According to the disclosure issued last week, the commercial papers are the 9th and 10th series of the N100 billion commercial paper programme launched by Nigerian Breweries and subscription for them commenced on Friday, October 23, 2020.
“Nigerian Breweries Plc is pleased to inform the Nigerian Stock Exchange and the investing public of the continuation of its commercial paper programme with the launch of Series 9 and 10 of the programme which opens on October 23, 2020.
“While Series 9 would be for a tenor of 180 days, Series 10 would be for 270 days.
“The CP programme aims to raise up to N20 billion to support the company’s short-term funding needs.
“The CP programme continues to provide the opportunity for non-equity investors to invest in the company, support the company’s cost management initiatives and serve as an additional source of funding for the company,” the notice signed by the company secretary, Uaboi Agbebaku, stated.
Adedapo Adesanya