Flour Mills Nigeria PLC intends to issue up to N20Billion in medium-term bonds

Flour Mills Nigeria PLC intends to issue up to N20Billion in medium-term bonds

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Flour Mills of Nigeria Plc (referred to as “Flour Mills “or “FMN”), Nigeria’s leading integrated food business and agro-allied Group, owners of the iconic brand – ‘Golden Penny,’ today announced that following approval by its Board of Directors, it intends to issue up to N20,000,000,000(Twenty Billion Naira only) in medium-term bonds subject to appropriate pricing.

The bonds, which are expected to be Senior Unsecured Fixed Rate Bonds with tenors of 3 and 5 years respectively, are part of its previously-approved N70, 000,000,000 (Seventy Billion Naira only) Bond Issue Programme. The process of obtaining requisite approvals from the Securities and Exchange Commission (SEC) for issuance of the bonds has begun.

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The management of FMN has disclosed that the proceeds from the bonds will be used to refinance existing short-term debt and increase further the efficiency of its balance sheet, with the ultimate objective of maximizing the wealth of its shareholders.

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1 COMMENT

  1. Flour Mills Nigeria PLC intends to issue up to N20Billion in medium-term bonds Flour Mills Nigeria PLC Intends To Issue Up To N20billion In Medium-term Bonds – Investment – Nairaland – Wealth Creation Investing

    […] SOURCE: https://brandspurng.com/2020/01/20/flour-mills-nigeria-plc-intends-to-issue-up-to-n20billion-in-medi… […]

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