October 09, 2018 / 12:20 PM / Arthur Steven Asset Management Research
Thank you for your interest in Flour Mills of Nigeria Plc (“FMN” or the “Company”) Bond Issuance of up to N30 billion across two tenors – (i) a 3-year (“Series 1”), (ii) a 5-year (“Series 2”), (collectively referred to as “the Issuance”) under its N70 billion Bond Issuance Programme.
Following the initially communicated offer period, the order book has gained strong momentum and the offer is being extended until Tuesday evening, 9 October, 2018 to accommodate any last minute bids.
In over its five-decade history, FMN has been notable for:
FMN will use the proceeds of the proposed Bond Issuance to restructure its debt profile by substituting short term debt with longer termed financing and also support its working capital requirements.
fund raising is in line with the Company’s long-term strategic plans and
follows the Rights Issue earlier in the year where FMN raised
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 find below for your perusal a summary of the terms of the offer:
The under listed documents are attached herewith:
We look forward to your participation in the Flour Mills of Nigeria Plc Bond Issuance.