According to a regulatory filing, Nigerian Breweries Plc has announced its intention to generate N25bn through commercial paper issuance to aid the company's short-term working capital and other funding requirements. In a disclosure titled 'Series 4, 5 And 6 Of The Commercial Paper Programme,' signed by the Company's Secretary, Uaboi Agbebaku, the firm informed the Nigerian Exchange Limited and the investing public about the issuance on Tuesday.

The breweries announced that the commercial paper series became available for subscription on Friday, April 28, 2023, and ended on Wednesday, May 3, 2023.

As stated in the disclosure, "Series 4 is set for a 95-day tenor, with an implied yield of 12.5%, Series 5 for 186 days (with an implied yield of 13%), and Series 6 for 228 days (with an implied yield of 14%)." Furthermore, the company noted that the CP Programme serves as a way for new and existing investors to invest in the company, support its cost management strategies, and act as an extra source of funding.

Earlier this year, Nigerian Breweries generated N20bn through commercial paper issuance.