Flour Mills of Nigeria targets bond sale within two months

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ABUJA – Flour and pasta maker Flour Mills of Nigeria plans to issue a bond within the next two months as part of a 70 billion naira ($183.7 million) programme to refinance existing debt, a group executive said on Monday.

The issue will take advantage of low money market rates, he said.

The company sold 30 billion naira in commercial paper in April, it said, part of measures to cushion the possible impact of the novel coronavirus on its business.

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