Dangote Sugar Refinery Plc has notified the Nigerian Exchange and the investing public of its successful issuance of ₦42.79 billion Series 4 and 5 Commercial Paper notes.
The Notes, which were issued under the Company’s ₦150 billion Commercial Paper Issuance Programme, comprised ₦12.93 billion 181-day Series 4 and ₦29.86 billion 265-day Series 5 notes. The Series 4 notes priced at a 23.00% yield while the Series 5 notes priced at a 25.00% yield, with participation from several investor groups, including Pension and Non-Pension Asset Managers, as well as other Institutional and Individual Investors.
The successful issuance of the Notes is in furtherance of the Company’s strategy to diversify its funding sources with funds raised being deployed to support its shortterm working capital and funding requirements.