Julius Berger’s N30b commercial paper oversubscribed by 2.3 times

Julius Berger Nigeria PLC, a leading engineering construction company in the country, said its debut N30b commercial paper issuance was oversubscribed by 2.3 times.

Julius Berger disclosed this in a statement it filed to the Nigerian Exchange Limited announcing the conclusion of the Series 1 and 2 CP issuance.

“The leading construction company in Nigeria is pleased to announce the successful completion of its 30 billion Series 1 and 2 commercial paper issuance, which is the company’s debut issuance in Nigeria’s fixed-income market.

“The CP issuance attracted significant demand from a wide range of investors including pension fund administrators, asset managers, insurance companies, banks, and high net-worth individuals,” the company declared, adding that the oversubscription demonstrated strong investor confidence in the management and vision of the company.

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The issuance programme comprised two tenors, a 182-day Series 1 issuance, which was priced at a 14.00% yield, and a 267-day Series 2 issuance, which was priced at a 15.00% yield.

The constriction giant said proceeds from the issuance will be used for supporting the company’s short-term working capital and funding requirements.

Commenting on the significance and success of the CP Issuance, Dr Lars Richter, the Managing Director, said: “Julius Berger is delighted to have successfully completed its debut CP Issuance in the Nigerian fixed income market. This is truly a testament to the company’s strength, the sustainability of its brand, and the level of confidence Nigeria places in the company’s services.”