Business

Guinness Nigeria Plc raises N5bn Commercial Paper

Guinness Nigeria Plc has closed application list for its N5 billion commercial paper issuance.

Guinness Nigeria had offered to raise up to N5 billion in Series 1 and Series 2 Commercial Paper (CP) under its N10 billion Commercial Paper Programme in order to support its short-funding requirements.

Guinness Nigeria offered 180-day CP with effective yield of 6.000 per cent and a discount rate of 5.8280 per cent under its Series 1 and 270-day CP with effective yield of 6.5000 per cent and a discount rate of 6.2024 per cent under its Series 2. Application list for the offers opened on June 16 and closed on June 19, 2020.

Minimum subscription was N5 million and thereafter in multiples of N1,000. The CPs were allotted after closure at the weekend but the settlement date will be today, Monday, June 22, 2020.

Guinness Nigeria is one of the leading alcoholic and non-alcoholic beverage companies in Nigeria, with a dominant market share in the stout segment.

Its three brewery plants strategically located in Nigeria has a combined production capacity of 10 million hectolitres yearly.

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