By Kayode Tokede
Nigerian Breweries Plc has announced to the Nigerian Stock Exchange and the investing public of the continuation of its Commercial Paper (CP) programme with the launch of Nover N48 billion Series 7 and 8 of the programme which opens on the 6th of April, 2020.
CP is a money-market security issued (sold) by large corporations to obtain funds to meet short-term debt obligations (for example, payroll) and is backed only by an issuing bank or company promise to pay the face amount on the maturity date specified on the note.
Company Secretary, Nigerian Breweries, Mr. Uaboi Agbebaku in a statement to market stakeholders said, “While Series 7 would be for a tenor of 182 days, Series 8 would be for 270 days.
“The CP Programme aims to raise up to a maximum of N48 billion to support the Company’s short term funding needs.
“The CP Programme continues to provide the opportunity for non-equity investors to invest in the Company, support the Company’s cost management initiatives and serve as an additional source of funding for the Company.