Coronation Merchant Bank Limited has been appointed as a Joint Issuing House for the Dual Series Fixed Rate Bond Issuance by Flour Mills Nigeria PLC

Coronation Merchant Bank as a Joint Issuing House is pleased to inform you that the bookbuild for the Flour Mills of Nigeria PLC, up to NGN29.89 billion, 5Years  & 7 Years bond tranches has opened on Tuesday, 10 November 2020 and will close on Monday, 23 November 2020.

The price guidance range for the Issue is 5.50%-6.25% and 6.25%-7.25%.

Kindly find below a summary of the Bond  Issuance:

IssuerFlour Mills of Nigeria Plc
Lead Issuing House FCMB Capital Markets Limited
Joint Issuing Houses ARM Securities Limited, CardinalStone Partners Limited, Coronation Merchant Bank Limited, FBN Quest Merchant Bank Limited, Quantum Zenith Capital & Investments and Stanbic IBTC Capital Limited
Programme Size ₦70,000,000,000
Issue SizeUp to ₦29,890,000,000 across both tranches
Issuer RatingA- (Agusto), A- (Data Pro)
Issue Rating  A- (Agusto), A- (Data Pro)
Series Series 4, Tranche ASeries 4, Tranche B
Tenor5 years7 years
Redemption / Payment BasisBulletBullet
Maturity Date20252027
Price Guidance 5.50% - 6.25%6.25% - 7.25%
Par ValueAt par ₦1,000 for each unit of the Bond
Coupon BasisFixed, semi-annual
Use of Proceeds Repayment of debt and refinancing of working capital
Method of DistributionBook building
Eligible Investors Qualified Institutional Investors
Book build open10 November 2020
Book build close23 November 2020
Listing(s) FMDQ Securities Exchange and The Nigerian Stock Exchange

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