Nigerian Breweries Plc has launched series 1, 2, and 3 commercial papers under its N100 billion commercial paper programme.
A corporate disclosure signed by Company Secretary, Uaboi Agbebaku, said the commercial papers were launched on Wednesday, January 11, 2023.
Nairametrics gathered that the series 1, 2, and 3 commercial papers would consecutively last for 91 days, 120 days, and 154 days, respectively.
The objective: The company said that the CP programme is aimed at raising N20 billion to support its short-term funding needs. Part of the statement by the brewer said:
“Nigerian Breweries Plc is pleased to inform The Nigerian Exchange Limited and the investing public of the issuance of its Commercial Paper (“CP”) program with the launch of Series 1, 2, and 3 of the program under its ₦100 billion CP program which opens on 11th January 2023.”
“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 CP Programme aims to raise up to N20 billion to support the Company’s short-term funding needs.”
Why this matters: The CP launch will not only help the company to raise money but will also benefit the investing public, especially non-equity investors. The statement explained how, saying:
“The CP Programme continues to provide the opportunity for non-equity investors to invest in the Company, support the Company’s cost management initiatives and serve as an additional source of funding for the Company.”