Nigerian Breweries to raise N45 billion commercial paper
Nigerian Breweries Plc (www.nbplc.com) will be in the market from Monday to raise N45 billion series 5 and 6 commercial paper programme.
The company released the information through a notice submitted to the Nigerian Stock Exchange and investors.
The brewer said the amount is part of its N100 billion CP programme, an initiative designed to allow the management to be able to reduce NB’s cost of funds.
NB Plc, through the notice, informed the Exchange and the investing public of the continuation of its CP programme with the launch of Series 5 and 6 of the programme which opens on the 3rd of February, 2020.
The statement reads: “While Series 5 would be for a tenor of 180 days, Series 6 would be for 270 days, and the aim is to raise up to N45 billion to support the NB Plc short terms funding needs.
Meanwhile, MarketForces recalled that in 2019, the company successfully concluded the Series 1 to 4 of its renewed N100 billion CP programme.
“In addition to providing an opportunity for non-equity investors to invest in the NB Plc, the CP programme continues to support the Company’s cost management initiatives with the overall aim of reducing its cost of fund”, the notice reads.
It said the CP also serves as an additional source of funding for the Nigerian Breweries Plc.
Nigerian Breweries to raise N45 billion commercial paper by Ogochi Ndubuisi