Nigerian Breweries To Raise N20bn From Commercial Paper Issuance
Nigerian Breweries Plc has announced a plan to raise N20 billion from commercial paper issuance to support the company’s short-term capital: working capital and other cash demand from the local debt market.
BrandNewsDay reports that Nigerian Breweries disclosed that it would raise the N20 billion commercial paper issuance to support the company’s growth.
The brewer told the Nigerian Exchange Limited and the investing public about the issuance which it says comes under its Commercial Paper programme.
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The company has a window to raise short-term funds via the issuance of series 1, 2 and 3 under its ₦100 billion commercial paper programme which opens on 11th January 2023. It said 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.
Nigerian Breweries revealed that its commercial paper programme continues to provide the opportunity for non-equity investors to invest, support its cost management initiatives and serve as an additional funding source.