Emzor Pharmaceutical Industries Ltd through it SPV (Emzor Pharma Funding SPV Plc) has raised ₦26.7 billion ($19.8 million) through the issuance of five-year 19% senior unsecured fixed-rate Series I bonds due 2031. The transaction forms part of the company’s N40 billion bond issuance programme and has been listed on the FMDQ Securities Exchange.
Net proceeds of ₦26.344 billion (99% of the total raised) will be used by the special-purpose vehicle to purchase notes issued by its sponsor, Emzor Pharmaceutical Industries Ltd. The remaining ₦355.6 million (1%) will cover issue expenses.
Emzor Pharmaceutical Industries Ltd. will allocate the funds as follows:
- ₦12.5 billion (47%) to refinance existing obligations
- ₦10 billion (38%) to complete construction of its antimalarial active pharmaceutical ingredient (API) manufacturing facility, representing an estimated 28% of the total project cost
- ₦3.844 billion (15%) for working capital requirements
The API plant (located in Sagmu, Nigeria) described as the first full-scale antimalarial facility of its kind in Africa, is nearing completion and is intended to reduce reliance on imported active ingredients while strengthening domestic pharmaceutical manufacturing capacity.
Renaissance Securities (Nigeria) Ltd. acted as lead sponsor on the transaction. FirstCap Ltd. and UCML Capital Ltd. served as co-sponsors. Udo Udoma & Belo-Osagie acted as solicitor to the trustee, with the team led by partner Ekundayo Onajobi and supported by managing associate Lisa Esamah and associates Omeiza Alao and Adaobi Omosefe Uzo.
Posts
0 Comments