AGS NEWS – Dangote Sugar Refinery has raised N42.79 billion through the issuance of Series 4 and 5 Commercial Paper notes, as announced in a statement filed with the Nigerian Exchange Limited by Company Secretary Temitope Hassan.

The issuance is part of the company’s 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. The Series 4 notes have a yield of 23.00%, while the Series 5 notes offer a yield of 25.00%.

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The offering attracted strong interest from a diverse group of investors, including pension and non-pension asset managers, institutional investors, and individuals.

This strategic move aims to diversify the company’s funding sources, with the proceeds intended to support short-term working capital and funding requirements.

Hassan expressed gratitude for the strong investor participation, highlighting their trust and confidence in Dangote Sugar Refinery’s business model and growth prospects.