NIGERIAN Breweries Plc has launched a new phase of its N100 billion commercial paper programme, allowing the firm to raise N20 billion from investors.
The exercise commenced on Wednesday, January 11 and will end today.
The firm informed the Nigerian Exchange Limited and the investing public about the issuance in a disclosure titled, “Series 1, 2 and 3 of the Commercial Paper Programme,” signed by the Company’ Secretary, Uaboi Agbebaku, on Wednesday.
It said it had a window to raise short-term funds via the issuance of series 1, 2 and 3 under its N100bn commercial paper programme which opened on 11th January 2023, adding that the series 1 would be for a tenor of 91 days, Series 2 would be for 120 days and Series 3 would be for 154 days.
The company stated that its commercial paper programme continue to provide the opportunity for non-equity investors to invest, support its cost management initiatives and serve as an additional funding source.
Commercial papers are debt instruments issued to investors by corporate organisations to raise funds for short-term needs. They are usually of a maximum of 270 days, about nine months. The issuance of commercial papers is a cheaper way to source funds, and their rates are lower than the rates offered by commercial banks.
To purchase the NB commercial paper, an intending investor must have a minimum of N5 million, which is the lowest subscription.
Nigerian Breweries is a leader in its sector in Nigeria, boasting over 21 distinct brands that are doing well in their subsectors. The company also has a good market spread in the beer, spirit, and non-alcoholic market segments.
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