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Nosak Distilleries Limited has opened its N5 Billion Series III Commercial Paper Notes under its N20 Billion Commercial Paper Programme.
The Issuer produces food-grade ethanol from crude ethanol derived from the fermentation of agricultural products such as sugarcane molasses, grains, and cassava.
The Nosak Commercial Paper which is being issued at a discount rate of 16% and yield of 18.5%, is secured with a Bank Guarantee from Fidelity Bank Plc.
Minimum subscription for the issue is N5,000,000 and multiples of N1,000 thereafter. Nosak seeks to issue commercial papers to fund its working capital requirements.
The notes shall be redeemed from cashflows to the Issuer and/or refinanced on the maturity date.
Nosak had shareholders funds of N13.79 billion as at June 2023, and made N404.24 million in profit.
Nosak Distilleries Limited located in Amuwo Industrial Area of Lagos, produces food grade ethanol used in the production of various household items, confectioneries, food and drugs, wines, perfumery and cosmetics.