Julius Berger announces N30bn commercial paper

Julius Berger has established a N30 billion Commercial Paper Issuance Programme (CP Programme) approved by the FMDQ Securities Exchange Limited on September 21 2022.

According to the disclosure signed by C.E. Madueke, Julius Berger may from time to time issue commercial papers, denominated in Nigerian Naira, in separate series or tranches under this programme.

The company believe that the establishment of the CP Programme will enhance its long-term strategy to strengthen its competitive advantage.

It stated, “Julius Berger has established a N30 billion Commercial Paper Issuance Programme approved by the FMDQ Securities Exchange Limited on September 21 2022, under which Julius Berger may from time to time issue commercial papers, denominated in Nigerian Naira, in separate series or tranches subject to compliance with all relevant laws and in accordance with the terms and conditions contained in the CP Programme Memorandum and applicable pricing supplement.”

It added that the establishment of the CP Programme will enhance Julius Berger’s long-term strategy to strengthen its competitive advantage in the construction sector and each issuance under the CP Programme will support the company’s short-term working capital and funding requirements.

The repayment of all obligations under each series or tranches of notes issued under the CP Programme will be funded from the company’s cash flow or such other means as may be indicated in the applicable pricing supplement.

Stanbic IBTC Capital Limited acted as the lead arranger while FCMB Capital Markets Limited acted as the joint arranger in connection with the establishment of the CP Programme. Banwo & Ighodalo also acted as solicitors for the transaction.