Nigerian Breweries Launches N100 Billion Commercial Paper

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• Nigerian Breweries (NB) Plc, has launched a N100 billion Commercial Paper (“CP”) Programme.
• It represents the largest commercial paper programme to be established in Nigeria by a (non-financial institution) corporate issuer since the 2009 guidelines on commercial paper from the CBN.
• The launch, according to the company, of the inaugural commercial paper issue under the programme would commence on or before Thursday, October 8.
• Finance Director of the company, Mark Rutten explained that the achievement is expected to complement the firm’s ‘other sources’ of working capital, while diversifying its funding sources to include non-bank investors.
• He said that the exercise would enhance the company’s access to funding, even at rates equivalent to money market and treasury bills yields.

According to Rutten, “Additionally, this programme would improve our ability to periodically access funding at rates mirroring money market and Treasury bill yields, would provide Nigerian Breweries with additional tools to help manage and optimize its overall funding cost.”