Nigerian Breweries to raise N48bn from commercial papers

Nigerian Breweries Plc has revealed plans to raise N48bn from its commercial paper issuance.

The company announced the launch of Series 7 and 8 of its commercial paper programme by filing a notice at the Nigerian Stock Exchange.

The notice said the programme will commence on April 6, 2020.

It said the Series 7 would have a tenor of 182 days while Series 8 would be for 270 days.

The notice read in part, “The aim is to raise a maximum of N48 billion to support the company’s short-term funding needs.”

Nigerian Breweries in 2019 previously concluded the Series 1 to 6 of its commercial paper programme.