Dangote Sugar Raised N42.79bn from Asset Managers
Dangote Sugar Refinery Plc has successfully raised N42.78 billion from the local debt capital market via commercial paper sales to pension and non-pension asset managers.
In a regulatory filing, the company told the Nigerian Exchange and the investing public it has issued ₦42.79 billion Series 4 and 5 Commercial Paper notes to investors. The proceeds are expected to be used to support working capital and other funding requirements.
The sugar refinery company said the notes, which were issued under its ₦150 billion commercial paper issuance programme, comprised ₦12.93 billion 181-day series 4 and ₦29.86 billion 265-day series 5 notes. Details showed that the series 4 notes were priced at a 23.00% yield, while the series 5 notes priced at a 25.00% yield, with participation from several investor groups.
Dangote Sugar said companies that invested in its commercial paper include pension and non-pension asset managers, as well as other Institutional and individual investors.
“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 sugar refinery said in its notice. #Dangote Sugar Raised N42.79bn from Asset Managers Reforms: Fitch Revises Nigeria’s Outlook to Positive

