Nigerian Breweries to raise N20bn through CP

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Nigerian Breweries Plc has announced plan to raise N20 billion from commercial paper (CP) issuance to support its short-term working capital and other cash demands from the local debt market.

The brewer told the Nigerian Exchange Limited and the investing public about the issuance which it says comes under its CP programme.

The company has a window to raise short-term funds via the issuance of series 1, 2 and 3 under its N100 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.

The company stated 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 source of funding.

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