Wholly-owned, indigenous pharmaceutical manufacturing group, Emzor Pharmaceutical Industries Limited, has listed its N13.7 billion 5-Years Series 1 Bond completely on the Nigerian Stock Exchange Limited “NGX” Platform.
Information contained in a statement revealed on the NGX web site revealed that the N13.7Bn 5-Years Series 1 Senior Unsecured Fixed Rate Bond due by 2026, beneath the corporate’s N50 billion Debt Issuance Programme, is the primary public instrument listed by the Nigerian pharmaceutical group.
Why this issues
In line with the target of the NGX Group, Emzor capitalized on the sturdy measurement of the Nigerian Capital Market to bridge funding gaps and restructure its present debt profile, by way of its N50 billion Debt Issuance Programme.
Details of the transaction revealed that Emzor was in a position to entry the home debt capital markets for the primary time and lift 5 years of financing in native foreign money utilizing a company bond, with the issuance of its N13.73 billion 5-Year 10% Series 1 Senior Unsecured Fixed Rate Bond.
The proceeds from the bond initiated by Emzor Pharma Funding SPV Plc, a particular objective automobile set as much as finance Emzor’s funding necessities, will likely be used to finance the acquisition of notes and different debt securities issued by Emzor, in accordance with the phrases of the Master Notes Purchase Agreement (the “MNPA”).
The N13.73 billion Series 1 Unsecured Bonds accorded with an ‘A-’ credit standing by Global Credit Rating Co., was undersubscribed by 8.47% because the meant capital was pegged at N15 billion.
What you need to know
- Emzor Pharmaceutical Industries Limited is a famend producer of high quality pharmaceutical merchandise and medical consumables. The firm has grown its product portfolio from a modest 4 merchandise in 1987, to greater than 120 totally different merchandise in latest instances.
- The firm has a variety of merchandise within the analgesic, anti-malaria, vitamin/haematinics/multivitamin complement, anti-helmintic, antibiotics and therapeutic classes.