Flour Mills Issues N30 Billion Bond Under N70 Billion Bond Issuance Program

Flour Mills Nigeria Plc on Thursday listed N29.8 billion Tranche A and Tranche B Bond, the remaining series of its N70 billion Bond Issuance Programme.

A break down of the listing showed a total volume of 4,890,000, 5 Years 5.5 percent Series 4 (Tranche A) Fixed Rate Senior Unsecured Bond Due 2025 under the N70,000,000,000 Bond Issuance Program; and the 25,000,000, 7 Years 6.25 percent Series 4 (Tranche B) Fixed Rate Senior Unsecured Bond Due 2027 Under the N70,000,000,000 Bond Issuance Program were listed by memorandum on Thursday 21st January 2021.

Speaking on the listing, Mr Olumide Bolumole, the Divisional Head, Listings Business, NSE, said “It has been a positive start to the Nigerian capital market in the new year and we are pleased to commemorate the listing of Flour Mills’ N29.8bn Tranche A and Tranche B Bond Issue, the final series under its N70bn Bond Issuance Programme.

“As is our custom to celebrate significant milestones and accomplishments of our issuers, we also applaud and recognise the contributions of Mr Paul Gbededo who recently retired after 38 years of meritorious service and congratulate Mr (Boye) Olusanya on his appointment as the Group MD/Chief Executive Officer at the NSE, we remain committed to supporting the strategic objectives of our issuers, providing a platform for raising capital even in the toughest of times.”

Olusanya added that “We thank the NSE for hosting us at this virtual Closing Gong ceremony today and we are excited about the role The Exchange is playing in deepening secondary market activities in the Nigerian market in line with international best practice.

“The issuance of the N29.8bn tranche A and B bond coincides happily with the 60th anniversary of Flour Mills Plc and fully utilises the N70bn programme registered in 2018. We will continue to explore opportunities to raise funds via the capital market as this has allowed us to diversify our funding sources whilst playing a critical role in the development of our market.”