• Wednesday, July 17, 2024
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Dangote Sugar issues N42.79bn commercial paper notes

Coronation Group eyes N8bn from Series 1 & 2 Commercial Papers issuance

Dangote Sugar Refinery Plc has notified the Nigerian Exchange Limited (NGX) and the investing public of its successful issuance of N42.79 billion Series 4 and 5 Commercial Paper (CP) notes.

The CP notes issuance had participation from several investor groups, including Pension and Non-Pension Asset Managers, as well as other institutional and individual investors.

The Notes, which were issued under the Company’s N150 billion Commercial Paper
Issuance Programme, comprised N12.93 billion 181-day Series 4 and N29.86 billion
265-day Series 5 notes.

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 short-
term working capital and funding requirements.

The Series 4 notes priced at a 23 percent yield while the Series 5 notes priced at a 25 percent yield.