The proceeds will support the company's short-term working capital and funding requirements, including cocoa procurement and inventory financing for its export operations.
Established in 2017, Sunbeth sources and trades agricultural commodities, with a primary focus on raw cocoa beans and cashew nuts. The business traces its roots to Sunny Owo Ventures, a cocoa-sourcing company with more than 20 years of industry experience.
Since inception, Sunbeth has sourced and exported more than 200,000 metric tonnes of cocoa beans, accounting for an estimated 20% of Nigeria's national cocoa exports. The company reported revenue exceeding ₦600 billion in 2025.
Sunbeth works directly with more than 30,000 farmers and collaborates with over 250 local buying agents and regional merchants across Nigeria. Its international trading network includes Cargill, Mars, GCB Group, JB Cocoa, Touton, Macquarie and StoneX.
Commercial paper programme and existing obligations
The new ₦500 billion programme follows Sunbeth's earlier ₦200 billion Commercial Paper Programme, under which the company issued Series 1, 2 and 3 notes in March 2026.
The earlier programme attracted subscriptions of ₦165.73 billion against an initial target of ₦100 billion, with ₦150.4 billion accepted across the three series. Sunbeth subsequently redeemed its ₦25.1 billion Series 1 notes on their maturity date of September 4, 2026.
The pricing supplement for the new offer also identifies ₦41.54 billion in outstanding Series 2 notes and ₦83.77 billion in outstanding Series 3 notes under the earlier programme, bringing the disclosed outstanding amount to approximately ₦125.31 billion.
Transaction advisers
Chapel Hill Denham Advisory Limited is the lead arranger and lead issuing and placing agent for the offer. It is also the sponsor for quotation on the exchange.
The joint dealers and issuing and placing agents are Absa Capital Markets Nigeria Limited, AVA Capital Plc, Cordros Advisory Services Limited, Coronation Merchant Bank Limited, FSL Advisory Limited, Meristem Capital Limited, Norrenberger Advisory Partners Limited, PAC Capital Limited, Rand Merchant Bank, United Capital Plc and Vetiva Advisory Services Limited.
Fidelity Bank Plc and Access Bank Plc are the collection and paying agents, while FMDQ Depository Limited is the central securities depository. The New Practice is the legal counsel, and KPMG Professional Services is the auditor.
Credit ratings
Sunbeth holds a short-term rating of A2 and a long-term rating of BBB+ from both GCR Ratings and Intelligence Africa, according to the offer documentation.
The ratings reflect the company's position in Nigeria's cocoa export market, revenue profile, earnings trajectory, capacity to meet its obligations and experienced management team.
The new programme provides Sunbeth with additional capacity to access Nigeria's domestic debt capital market to finance its commodity procurement and trading operations.
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