Dangote Sugar Opens Commercial Paper for Subscription at 20.80%
Dangote Sugar Refinery Plc is offering a 20.80% discount rate on 265-day commercial paper as the company seeks funding from the debt market to finance working capital requirements.
Its offer document showed that the company seeks to raise N100 billion from three commercial paper tenors as part of its N300 billion commercial paper programme.
Details from the offer document obtained by MarketForces Africa showed that 90-day commercial paper attracted a 19.97% discount rate at an implied yield of 21%.
Its 174-day commercial paper attracts 20.73% at an implied yield of 23%, while 265-day commercial paper attracts a 20.80% discount rate. The offer, which opened on Monday, is expected to close on Wednesday, 25 June 2025.
The Sugar Refinery, a subsidiary of Dangote Industries Limited, engaged in the refining, distributing, and marketing of granulated sugar to wholesalers and top players in the skin care, food and beverage, and pharmaceutical industries.
The company is sub-Saharan Africa’s largest sugar refinery, with a combined installed refining capacity of 1.49 MMT per annum.
Dangote Sugar Refinery is targeting an additional 1.5MMT of refined sugar from locally grown sugarcane and is on track to becoming a leading global integrated sugar producer with its backward integration plan. #Dangote Sugar Opens Commercial Paper for Subscription at 20.80%#
