Nosak Distilleries Seeks to Raise N1.455bn from Debt Market
Capital Raise: Nosak Distilleries Limited has launched fresh commercial paper (CP) for subscription as the company seeks to raise N1.45 billion under its N20 billion commercial paper programme.
Atlass Portfolios Limited told investors via email that the series III tranche D commercial paper notes are now open for subscription with a minimum subscription of N5 million at N1,000 per unit.
The company said the proceeds will be used to fund the working capital requirements and the borrowing instrument will be listed on the FMDQ platform for trading.
The offer will remain open till October 13 2023 at a discounted rate of 16%. Nosak commercial paper has 231 days tenor with a 17.80% yield. According to the investment firm, October 16 has been selected as the issue date for the bidders.
Detail from the offer shows that the commercial paper will be secured with a Bank Guarantee from Fidelity Bank Plc and expected to be redeemed at par at the maturity date. #Nosak Distilleries Seeks to Raise N1.455bn from Debt Market