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Dangote Sugar successfully issues N42.79 bln in commercial paper notes at 23- 25%

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By Samuel Bankole

Dangote Sugar Refinery PLC has successfully issued N2.79 billion in Series 4 and 5 Commercial Paper notes, marking a significant milestone in its N150 billion Commercial Paper Issuance Programme.

The issuance includes N12.93 billion in 181-day Series 4 notes and N29.86 billion in 265-day Series 5 notes, priced at yields of 23.00% and 25.00% respectively.

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The issuance attracted participation from a diverse group of investors, including pension and non-pension asset managers, as well as other institutional and individual investors.

This successful fundraising effort underscores Dangote Sugar’s strategy to diversify its funding sources, with the capital raised being earmarked for short-term working capital and other funding requirements.

The company’s strategic move to issue these notes aligns with its broader financial objectives and highlights its robust presence in the Nigerian capital market.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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