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Sunday, December 3, 2023

Prima Corporation N5bn commercial paper issuance to close today

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Prima Corporation Limited up to N5.0bn inaugural Series 1 Commercial Paper from the company’s N30.0bn Commercial paper program is scheduled to close on Monday (23-Aug-21), with funding date on Wednesday (25-Aug-21).

The discount rate on the offer is 12.66%, while it has an implied yield of 13.50%. The minimum subscription for the Commercial Papers by prospective investors is N5 million.

Prima Corporation Limited (PCL) is the leading manufacturer of preforms and caps in Nigeria, focused on the beverage industry and supplying to both local and international brands.

The Company commenced operations in 2004 to manufacture and distribute preforms and caps to the water and beverage manufacturers.

PCL is the largest producer of Preforms and Caps in Nigeria. Aside from Nigeria, the company also directly exports its products to Ghana, Cameroon, Chad, Niger, and Liberia.

The Company has a short-term issuer rating of A- by DataPro which is supported by its stable earnings, strong business profile as well as its superior liquidity profile.

PCL plans to utilize proceeds of the CP issuance to fund its short-term working capital requirements.

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