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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