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Nigerian Breweries Moves to Raise N20 Billion Commercial Paper

Nigerian Breweries Moves to Raise N20 Billion Commercial Paper

Nigerian Breweries Plc has unveiled a plan to raise N20bn from commercial paper issuance to support the company’s short-term capital, working capital and other cash demands from the debt market,

The firm informed the Nigerian Exchange Limited and the investing public about the issuance in a disclosure titled, “Series 1, 2 and 3 of the Commercial Paper Programme,” signed by the Company’ Secretary, Uaboi Agbebaku, on Wednesday.

It said it had a window to raise short-term funds via the issuance of series 1, 2 and 3 under its N100bn commercial paper programme which opened on 11th January 2023, adding that the series 1 would be for a tenor of 91 days, Series 2 would be for 120 days and Series 3 would be for 154 days.

The company stated that its commercial paper programme continued to provide the opportunity for non-equity investors to invest, support its cost management initiatives and serve as an additional funding source.

Also Read: MTN Nigeria Issues N127 billion Series 1 & 2 Commercial Paper

The disclosure read, “Nigerian Breweries Plc (“the company”) is pleased to inform The Nigerian Exchange Limited and the investing public of the issuance of its Commercial Paper programme with the launch of Series 1, 2 and 3 of the programme under its N100bn CP programme which opens on 11th January 2023.

“Series 1 would be for a tenor of 91 days, Series 2 would be for 120 days and Series 3 would be for 154 days. The CP Programme aims to raise up to N20bn 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.”

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