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Dangote Sugar Targets N50bn in Fresh Funding Drive

Olusola Blessing by Olusola Blessing
December 10, 2024
in Economy, News
0
Dangote Sugar Targets N50bn in Fresh Funding Drive
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Dangote Sugar Refinery Plc has initiated a bid to raise N50 billion from the debt capital market through the issuance of Series 6 and Series 7 commercial papers under its N150 billion debt program.  

The Series 6 commercial paper, featuring a 180-day tenor, is offered at a 24.9889% discount rate, translating to an implied yield of 28.5%. Meanwhile, the Series 7 commercial paper, with a 270-day tenor, is priced at a 24.5524% discount rate, offering investors a 30% implied yield.  

Investment banking sources confirm the offering is open to investors until December 12, 2024. The company plans to channel the funds into supporting its working capital needs and other financial obligations.  

As Sub-Saharan Africa’s largest sugar refinery, Dangote Sugar boasts a refining capacity of 1.49 million metric tonnes per annum. The company aims to double this capacity with an additional 1.5 million metric tonnes of refined sugar from locally sourced sugarcane through its backward integration strategy.  

The commercial paper issuance underscores Dangote Sugar’s strategic push to enhance its operational capabilities and expansion plans, reinforcing its position as a leading player in the global sugar industry.

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