Bonds & Fixed Income | |
Bonds & Fixed Income | |
1737 VIEWS | |
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Tuesday,
March 03, 2020 /01:48 PM / By Stanbic IBTC Stockbrokers /
Header Image Credit: Dufil Prima Foods
We are pleased
to inform you of the Series 1, 2 and 3 Commercial Paper issuance ("CP or
the "Issuance"), under Dufil Prima Foods PLC's ("Dufil" or the "Issuer")
renewed NGN30 Billion programme is now open and scheduled to close on 06 March
2020. Dufil is no stranger to the debt capital markets, having issued an
aggregate amount of NGN21 Billion in CPs between 2016 and 2017 and a bond issue
due to mature in 2022.
Dufil, the makers of the
world's popular brand of Instant Noodle - "Indomie", is Nigeria's pioneer, foremost and largest producer within the noodles
segment of the consumer goods industry. The Issuer, with strong parent company
support from Tolaram Group, began operations in Nigeria in 1996 via one of its
current subsidiaries and owned the first noodles manufacturing plant in Nigeria
and the largest in West Africa at the time.
Today, the Issuer continues to dominate the noodle
segment (with c.81% market share in Nigeria) by further entrenching its growth
strategies centred around a backward integration model and strong distribution
network, while also engaging in the production of other complimentary products
such as snacks, flour, seasoning, oil and flexible packaging from strategically
located factories across Nigeria. Dufil also in the last few years have added
new products to its diverse portfolio of staple goods (Emperor, Minimie Instant
Noodles and Minimie Pasta).
Please find below a
summary of the Offer;
Issuer: |
Dufil Prima Foods PLC |
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Dealer: |
Stanbic IBTC Capital Limited |
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Series: |
1 |
|
2 |
3 |
Tenor: |
91-days |
|
179-days |
27]-days |
Target Size: |
Up to NGN15 billion across all tenors |
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Discount Rate: |
4.5000% |
|
5.5000% |
7.0000% |
Implied Yield: |
4.5009% |
|
5.6520% |
7.3812% |
Offer Opens: |
02 March 2020 |
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Offer Closes: |
06 March 2020 |
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Allotment Date: |
06 March 2020 |
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Settlement Date: |
09 March 2020 |
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Issuer Rating: |
A- (GCR.); A- (DataPro); |
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Minimum Subscription: |
NGN5 million |
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Tax Consideration: |
Free and clear of withholding taxes |
Also please find attached the following documents for your information and use:
1.
Pricing
Supplements
2.
Commitment Forms
3.
Valid Issuer Ratings
4.
Valid PenCom
compliance certificate
5.
Business Update Document (available upon request)
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