FRI, JAN 17 2020-theG&BJournal-Flour Mills Nigeria Plc, a diversified agribusiness company and Nigeria’s biggest miller by market value Thursday announced its intention to issue up to N20 billion in medium-term bonds ‘’subject to appropriate pricing.’’ The announcement came after the board gave consent to the plan conceived to bolster the company’s working capital.
According to the company, the bonds which are expected to be Senior Unsecured Fixed Rate Bonds with tenor of 3 and 5 respectively are part of its previously-approved N70 billion Bonds Issue Programme.
The process of obtaining requisite approvals from the Securities and Exchange Commission (SEC) for issuance of the Bonds has begun.
The company say 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 maximising the wealth of its shareholders.’’
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