- Guinness Nigeria Plc, has announced the establishment of a N10Billion Commercial Paper (“CP”) programme. The programme is for N10billion with the first tranche of N5billion slated to close Thursday, May 7 2015.
- Speaking at the signing ceremony, the statement quoted the Managing Director/Chief Executive Officer of Guinness Nigeria, Mr. John O’Keeffe, to have said:
“We are very pleased with the successful launch of this CP programme for Guinness Nigeria Plc and the support received from our advisors to get us to this point.
“This will be the first corporate CP programme to be established in recent times, following the new CBN guidelines coming into effect, and we are pleased to be the first company to take advantage of this opportunity. We look forward to a robust uptake of this inaugural issuance imminently, whilst retaining the flexibility offered by the programme to tap into the CP market again in the nearest future.”
- The first issue will mature in 180 days (October 27, 2015) and will be listed on the FMDQ OTC. We also gather that retail investors looking to purchase the CP will have to stump out a minimum of N5million. The offer will be at a discount rate of 13.1% giving an implied yield of 14%.
