February 04, 2020 / 11:16 AM / By Arthur Stevens Asset Mgt / Header Image Credit: FMN
We are pleased to inform you of the up to NGN20 Billion Series 3, Tranche A and Tranche B Bonds ("transaction" or the "Issuance") under the Flour Mills of Nigeria PLC ("Flour Mills" or the "FMN") NGN70 Billion Bond Issuance Programme.
In its over five-decade history, FMN has been notable for:
1. Strong Brand & Reputation - FMN's Golden Penny brand continues to be one of the best known and the preferred brand amongst bakers, confectioneries and consumers in Nigeria
2. Strong Industry Leadership - The quality of its products as well as its support initiatives has led to dominant market position
3. Experienced & Stable Management Team - The Senior management team has vast local and international experience in the consumer sector. Most of the members of the senior management team have been in the Flour Mills Group for more than 10 years
4. Strong Corporate Governance Practices - Sound governance, risk management and compliance culture in adherence to international best practices
5. Sustained Positive Financial Trajectory - FMN has continued to thrive in recent years, recording decent performance despite the macro-economic headwinds and challenges faced in Nigeria's consumer goods market
FMN will use the proceeds of the proposed Bond Issuance to restructure its debt profile by refinancing existing loans. The proposed fund raising is in line with the Company's long-term strategic plans:
a. strengthen the Company's capital base by deleveraging its balance sheet;
b. support its working capital needs;
c. position the Company to exploit value-accretive opportunities; and
d. give the Company greater operational and financial flexibility to ensure business growth and continuity.
Please see below a summary of the indicative terms of the offer.
For further information; kindly send a request via firstname.lastname@example.org
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