Dangote Sugar Refinery Secures N42.79bn Through Series 4 and 5 Commercial Paper Issuance
Dangote Sugar Refinery has announced the successful issuance of N42.79bn in Series 4 and 5 Commercial Paper notes, according to a statement filed with the Nigerian Exchange Limited. Signed by the Company Secretary, Temitope Hassan, the issuance is part of the company’s N150bn Commercial Paper Issuance Programme.
The latest issuance includes N12.93bn in 181-day Series 4 notes and N29.86bn in 265-day Series 5 notes. These notes attracted strong investor interest, drawing participation from pension and non-pension asset managers, as well as various institutional and individual investors. Series 4 notes were priced at a 23.00 per cent yield, while Series 5 notes were priced at a 25.00 per cent yield.
Hassan highlighted that this strategic move aims to diversify the company’s funding sources, with the raised funds intended to support short-term working capital and funding requirements. “The robust investor participation underscores the trust and confidence in Dangote Sugar Refinery’s business model and growth prospects,” he noted.
Expressing gratitude for the investor support, Hassan emphasised the significance of this successful issuance in furthering the company’s strategic goals. The issuance not only meets immediate financial needs but also strengthens the company’s position in the market, reflecting a solid commitment to growth and sustainability.
