Zeenab Meals Restricted (ZFL) has launched its Sequence 3 Industrial Paper Notes, comprising Tranche A and Tranche B, with a complete providing of as much as N10 billion.
This newest issuance builds on the success of the Sequence 1 Tranche A Industrial Paper, issued on August 1, 2024, which raised N1.6 billion with a 60-day tenor, in addition to the continuing Sequence 2 (Tranches A to D) with a cumulative worth of N3.38 billion.
The newly launched Sequence 3 Industrial Paper, a part of a broader N20 billion Industrial Paper Programme, provides two choices: Tranche A with a 182-day tenure and a yield of 28.5004%, and Tranche B with a 270-day tenure and a yield of 30.5042%.
As outlined within the firm’s disclosure, the Sequence 3 issuance will stay open till January 15, 2025, with the settlement date scheduled for January 16, 2025.
The first goal of this {financial} issuance is to facilitate working capital. In keeping with the corporate, the funds raised might be directed in direction of procuring paddy rice and different export-oriented commodities, additional supporting the corporate’s operations.
The pricing technique is fastened, with each tranches receiving an “A” long-term score from Augusto & Co. and DataPro Restricted, together with an “A1” short-term score from DataPro Restricted.
Zeenab Meals Restricted, based in 2011, is a Nigerian firm specializing in meals processing and agro-commodity buying and selling. Its core operations embrace rice milling, agro-commodity exports, and executing meals provide contracts.
“We enormously recognize the assist and confidence of the market in our model and are happy to have totally redeemed and repaid all subscribers to our first Industrial Paper issuance.”
Trying forward, Zeenab Meals plans to faucet into the Nigerian Debt Market to concern a brand new collection of Industrial Papers.
