Emzor Pharmaceuticals, on Wednesday, listed its N13.7bn Five-Year Series 1 Fixed Rate Senior Unsecured Bond on the floor of the Nigerian Exchange Limited.
The bond, due 2026, was the first public instrument issued by the pharmaceutical company and was part of its larger N50bn Debt Issuance Programme.
Issued on January 20, 2021, the bond was priced at a coupon rate of 10 per cent yearly by institutional investors.
“With this listing, members of the general public, who invested in the bond can now sell their investments, while those who wish to invest can do so,” NGX stated.
It quoted the Group Managing Director of Emzor, Stella Okoli, as saying, “This first-time bond issuance is a fantastic achievement for Emzor and is in line with our commitment to facilitate unlimited wellness by delivering quality and affordable medicines for all. The capital raised will, therefore, drive and accelerate our expansion plans, delivering strong growth and margin improvement.
“We recognise the efforts of the investor community ensuring the success of this bond issuance and commit to uphold their confidence in us as we deliver on our long-term growth strategy.”
The NGX disclosed that the issuance was facilitated by Renaissance Securities (Nigeria) Limited, and joint issuing house, Afrinvest (West Africa) Limited.
The market had witnessed, a week ago, the BUA Cement’s debut listing with a N115bn bond issue, “the largest of many corporate debt issuances in the history of the Nigerian capital market,” according to NGX.
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