Dangote Sugar Refinery PLC has successfully raised ₦42.79 billion through the issuance of Series 4 and 5 Commercial Paper notes.
The issuance, announced on Friday, underscores the company’s robust financial strategy and strong market confidence in its operations.
The Series 4 notes, amounting to ₦12.93 billion, were issued for a tenure of 181 days with a yield of 23.00%.
The Series 5 notes, on the other hand, totaled ₦29.86 billion, were issued for a tenure of 265 days, and offered a yield of 25.00%. These notes were issued under the company’s ₦150 billion Commercial Paper Issuance Programme.
The issuance saw substantial participation from a diverse group of investors, including Pension and Non-Pension Asset Managers, as well as other institutional and individual investors.
This broad interest highlights the trust and confidence the market has in Dangote Sugar Refinery’s financial health and operational strategy.
Mrs. Temitope Hassan, Company Secretary and Legal Adviser of Dangote Sugar Refinery PLC, expressed her satisfaction with the successful issuance.
“This achievement is a testament to the strong investor confidence in Dangote Sugar Refinery’s business model and financial stability. The funds raised will be instrumental in supporting our short-term working capital and funding requirements, enabling us to continue our growth trajectory and maintain operational excellence.”
The successful issuance of the commercial paper notes aligns with Dangote Sugar Refinery’s strategic objectives of maintaining a flexible and diversified funding base.
By tapping into the commercial paper market, the company ensures that it has the necessary liquidity to meet its operational needs while also positioning itself to take advantage of growth opportunities in the competitive sugar industry.
Dangote Sugar Refinery PLC, a subsidiary of the Dangote Group, remains one of Nigeria’s leading sugar producers.
The company continues to play a pivotal role in the country’s sugar industry, contributing significantly to the economy and ensuring the availability of high-quality sugar products for consumers.