Nigerian Breweries To Raise N15bn Through Commercial Papers

Nigerian Breweries Plc is seeking to raise up to N15bn in the first and second series of its N100bn commercial paper programme to support its short-term funding requirements.

The company is offering 11.59 per cent and 14.43 per cent yield on its 90- and 182-day commercial paper.

According to Afrinvest, the offer for the series 1 and 2 commercial papers, which opened on Thursday, will last for a week and close on Thursday, April 18, while the settlement date will be April 23.

The Series 1 commercial paper has a tenor of 90 days, an effective yield of 11.59 per cent and a discount rate of 11.268 per cent.

The Series 2 commercial paper has a tenor of 182 days, an effective yield of 14.43 per cent and a discount of 13.46 per cent.

The commercial papers, which were awarded Aa rating by Agusto & Co Limited and AA rating by Global Credit Ratings Co, have a minimum subscription amount of N5m and in multiples of N1,000 thereafter.