Sefton Fross has advised on the Guinness Nigeria Plc’s N10,000,000,000 (Ten Billion Naira) Commercial Paper programme establishment and its 180-day N2,500,000,000 (Two Billion, Five Hundred Million Naira) Series 1 issuance with an effective yield of 6% and 270-day N2,500,000,000 (Two Billion, Five Hundred Million Naira) Series 2 issuance with an effective yield of 6.5%.
Guinness Nigeria, a member of the Diageo group is a leading alcoholic and non-alcoholic beverage company in Nigeria, with a dominant market share in the stout segment and owns three brewery plants which are strategically located in Nigeria with a combined production capacity of 10 million hectolitres yearly.
The successful Series 1 and Series 2 issuance under its N10,000,000,000 (Ten Billion Naira) Commercial paper programme will be listed on the FMDQ Securities Exchange Limited and will see the proceeds being used by the company to support its short term working capital requirements and general corporate purposes.
Sefton Fross acted as Transaction Counsel to the Issue. Standard Chartered Capital & Advisory Nigeria and Stanbic IBTC Capital acted as Joint Lead Arrangers of the commercial papers while Stanbic IBTC Bank acted as the Issuing, Calculating and Paying Agent.