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    Sunday, September 25, 2022

    Julius Berger Unveils N30bn Commercial Paper Programme


    Nigeria’s leading construction giant, Julius Berger Plc, said it has established a ₦30 billion Commercial Paper Issuance Programme approved by the FMDQ Securities Exchange Limited on September 21, 2022.

    In a statement, the company hints that under programme, it may from time-to- time issue commercial papers, denominated in Nigerian Naira.

    The issuance will come 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 said the establishment of the short term funding programme will enhance Julius Berger’s long-term strategy to strengthen its competitive advantage in the construction sector.

    It stressed that each issuance under the programme will support the Company’s short-term working capital and funding requirements.

    “The repayment of all obligations under each series or tranche of Notes issued under the commercial programme will be funded from the Company’s cash flows or such other means as may be indicated in the Applicable Pricing Supplement”, according to the statement.

    It also said 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 to the Transaction.

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