Cynthia Ezekwe
Dangote Sugar Refinery has announced that it has issued Series 4 and 5 Commercial Paper notes to raise N42.79bn, to boost the firm’s working capital and diversify its funding sources.
According to a statement signed by Temitope Hassan, its company secretary, and published on Nigerian Exchange Limited (NGX), the commercial notes were issued under its N150bn Commercial Paper Issuance Programme, comprising N12.93 billion 181-day Series 4 and N29.86 billion 265-day Series 5 notes.
The statement noted that the issuance was met with strong investor interest, attracting participation from pension and non-pension asset managers as well as other institutional and individual investors.
According to the statement, the Series 4 notes were priced at a 23.00 per cent yield, while the Series 5 notes were priced at a 25.00 per cent yield.
“The Series 4 notes are priced at a 23.00 per cent yield, while the Series 5 notes are priced at a 25.00 per cent yield, with participation from several investor groups, including pension and non-pension asset managers, as well as other institutional and individual investors,” the statement reads.
The statement highlighted that the funds raised through the commercial paper notes would be utilised to support the firm’s short-term working capital and funding requirements.
“The successful issuance of the Notes is in furtherance of the Company’s strategy to diversify its funding sources with funds raised being deployed to support its short term working capital and funding requirements,’’ the statement noted.
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