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Investment Opportunity: Fidson Offers 6.83% Yield on 270-Day Commercial Paper

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Fidson Healthcare Plc is seeking to raise up to N4 billion in the Series 1 issuance under its N10.0bn Commercial Paper Programme in order to support its short-term working capital requirements.

The offer which is a 270-Day tenor, opened on Thursday March 11 2021, and has an implied yield of 6.82 percent and discount rate of 6.5 percent.

Fidson is one of the leading pharmaceutical manufacturing companies in Nigeria. The Company is engaged in the manufacturing, marketing and sales of pharmaceutical and healthcare products in Nigeria and West Africa.

Fidson currently has over 250 duly registered pharmaceutical brands, across different therapeutic areas, in the Nigerian market.

As at December 31, 2020, the issuer recorded revenues of N18.0bn, Profit after Tax of N1.18bn and Total Assets of N28.0bn. Over the last 3 years, Fidson Healthcare’s sales grew at a compound annual growth rate (CAGR) of 9.1 percent as against the industry average of 5.6 percent.

Fidson Healthcare has previously accessed funding through the Capital markets, having issued a N2.0bn five-year Secured Fixed Rate Corporate Bond in November 2014 and a subsequent N2.3bn Rights Issue in July 2019.

The minimum subscription for the offer is N5 million.

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