Nigerian Breweries Plc, yesterday, established a 100 Billion Commercial Paper (“CP”) Programme with view to launching its inaugural Commercial Paper issue under the programme on or before Thursday, October 8, 2015.

The signing ceremony to mark the establishment of the Programme was held at the head office of Nigerian Breweries, Iganmu, Lagos, and witnessed by representatives of the transaction advisors, including (Stanbic IBTC Capital Limited and FBN Capital Limited, Banwo & Ighodalo as Legal Counsel, KPMG as Auditors to the Issuer.

Also in attendance were officials of the FMDQ OTC Exchange to witness the event.

Speaking at the signing ceremony, Mr. Nicolaas Vervelde, the Managing Director of Nigerian Breweries, said: “This transaction underscores our continued commitment to winning with Nigeria and represents the largest ever Commercial Paper programme to be established by a (non-financial institution) corporate issuer following the 2009 guidelines on commercial paper from the Central Bank of Nigeria.

”In that regard, this effort clearly demonstrates our leadership status in the industry and an innovative approach towards executing our Company’s financing strategy, in an increasingly competitive market environment.”

Also commenting, Mr. Mark Rutten, NB Plc Finance Director said: “This programme is expected to complement our company’s other sources of working capital, while diversifying our funding sources to include non-bank investors. Additionally, this programme will improve our ability to periodically access funding at rates mirroring money market.”