Coronation Merchant Bank as a Joint Issuing House is pleased to inform you that the bookbuild for the Flour Mills of Nigeria PLC, up to NGN29.89 billion, 5Years & 7 Years bond tranches has opened on Tuesday, 10 November 2020 and will close on Monday, 23 November 2020.
The price guidance range for the Issue is 5.50%-6.25% and 6.25%-7.25%.
Kindly find below a summary of the Bond Issuance:
| Terms | Detail | |
| Issuer | Flour Mills of Nigeria Plc | |
| Lead Issuing House | FCMB Capital Markets Limited | |
| Joint Issuing Houses | ARM Securities Limited, CardinalStone Partners Limited, Coronation Merchant Bank Limited, FBN Quest Merchant Bank Limited, Quantum Zenith Capital & Investments and Stanbic IBTC Capital Limited | |
| Programme Size | ₦70,000,000,000 | |
| Issue Size | Up to ₦29,890,000,000 across both tranches | |
| Issuer Rating | A- (Agusto), A- (Data Pro) | |
| Issue Rating | A- (Agusto), A- (Data Pro) | |
| Series | Series 4, Tranche A | Series 4, Tranche B |
| Tenor | 5 years | 7 years |
| Redemption / Payment Basis | Bullet | Bullet |
| Maturity Date | 2025 | 2027 |
| Price Guidance | 5.50% – 6.25% | 6.25% – 7.25% |
| Par Value | At par ₦1,000 for each unit of the Bond | |
| Coupon Basis | Fixed, semi-annual | |
| Use of Proceeds | Repayment of debt and refinancing of working capital | |
| Method of Distribution | Book building | |
| Eligible Investors | Qualified Institutional Investors | |
| Book build open | 10 November 2020 | |
| Book build close | 23 November 2020 | |
| Listing(s) | FMDQ Securities Exchange and The Nigerian Stock Exchange | |
