Flour Mills to raise N12 bn through commercial paper

Flour Mills of Nigeria Plc is seeking to raise N12.0bn in its ninth and tenth series of its N100.0 billion Commercial Paper (“CP”) Programme to meet its short term funding requirements. According to the programme of the issuance the 183 days has an effective yield of 13.8 per cent and discount rate of 12.9 per cent. Similarly the 269 days tenure will has 14.4 per cent yield and 13.01 per cent discount rate. The company has been rated BB+. The minimum subscription requirement is N5 million and multiples of N1000 thereafter for both the 183 and 269 days subscription. The offer opens on Tuesday 11th June and closes 14th just as allotment will be done on 17th June.  

Flour Mills of Nigeria PLC
Series Number Series 9 Series 10
Tenor 183 days 269 days
Effective Yield 13.8000% 14.4000%
Discount Rate 12.9070% 13.0184%
Issuer Rating “A2” (GCR); “Bbb+” (Agusto & Co.) “BBB+” (GCR)
Minimum Subscription Minimum of ₦5.0m and multiples of ₦1,000 thereafter Minimum of ₦5.0m and multiples of ₦1,000 thereafter
Offer Open Date Tuesday, June 11th, 2019 Tuesday, June 11th, 2019
Offer Close Date Friday, June 14th, 2019 Friday, June 14th, 2019
Allotment Date Monday, June 17th, 2019 Monday, June 17th, 2019
Issue Date Monday, June 17th, 2019 Monday, June 17th, 2019

Afrinvest

Categories: Business,Finance,Stock Market

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