NB Notifies of the Company’s Commencement of Commercial Paper Programme

Proshare

Monday, April 15, 2019 09:00PM / NSE

 

Nigerian Breweries Plc (“the Company”) is pleased to inform The Nigerian Stock Exchange and the investing public of the launch of Series 1 and 2 of its new 100 billion Commercial Paper (CP) programme. The Series 1 and 2 of the CP programme, which opened on the 11th of April, 2019, are aimed at raising up to N15 billion to support the Company’s short term funding requirements. The tenors are 90 days and 182 days respectively.

Following a successful run of the Company’s first N100 billion CP programme which ran from 2015 to 2018, the Board of Directors had approved a new programme in July, 2018. This second programme, which has now commenced with the launch of Series 1 and 2 on the 11th of April, 2019, will run for three years till March 2022. The first CP programme helped the Company to reduce its overall funding costs as well as gave non-equity investors an opportunity to invest in the Company.

This new CP programme would again support the cost management initiatives of the Company, complement the traditional sources of financing to include non-bank financing options and provide an opportunity for non- equity investors to invest in the Company. The CPs will, after issuance, be listed on the FMDQ OTC Securities Exchange, thus making it possible for investors to trade in them. 

Prior to the renewal of the CP programme in 2018, the Company had obtained Aa rating from Agusto & Co. Limited and AA rating from Global Credit Ratings Co. The Financial Advisers to the new CP programme are Stanbic IBTC Capital Limited, FBNQuest Merchant Bank Limited and FCMB Capital Markets Limited.

 

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