Food and agro-allied company, Flour Mills of Nigeria Plc, has repaid its N51.64bn Series 2 Commercial Paper.
This was revealed in a statement issued by the group following the successful repayment. FMN had earlier repaid its N13.33bn Series 1 in August 2023.
The FMN Series 1 and 2 CPs worth N64.97bn were initially issued on February 22, 2023, under its N200bn Commercial Paper Programme. The Series 1, with a yield of 13.0 per cent, raised N13.3bn while the Series 2, with a yield of 14.0 per cent, raised N51.64bn.
FMN launched its N200bn Commercial Paper Programme on February 10, 2023.
Commenting on the repayment, the Group Chief Finance Officer, Mr. Anders Kristiansson, said, “We are pleased to announce the timely and successful repayment of our Series 2 Commercial Paper. This accomplishment reflects FMN’s commitment to financial prudence and the confidence reposed in our organization by the investing public. We express our gratitude to our stakeholders for their continued support, and we remain steadfast in our commitment to delivering sustainable value and maintaining the highest standards of corporate governance.”
Meanwhile, FMN has also tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators contributing 39.7 per cent and 40.8 per cent respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
