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

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:

Terms Detail
Issuer Flour 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 Size Up to ₦29,890,000,000 across both tranches
Issuer Rating A- (Agusto), A- (Data Pro)
Issue Rating   A- (Agusto), A- (Data Pro)
Series  Series 4, Tranche A Series 4, Tranche B
Tenor 5 years 7 years
Redemption / Payment Basis Bullet Bullet
Maturity Date 2025 2027
Price Guidance  5.50% – 6.25% 6.25% – 7.25%
Par Value At par ₦1,000 for each unit of the Bond
Coupon Basis Fixed, semi-annual
Use of Proceeds  Repayment of debt and refinancing of working capital
Method of Distribution Book building
Eligible Investors  Qualified Institutional Investors
Book build open 10 November 2020
Book build close 23 November 2020
Listing(s)  FMDQ Securities Exchange and The Nigerian Stock Exchange

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