Flour Mills of Nigeria PLC (FMN) successfully completed a bond issuance of NGN10 billion (USD27.8 million) and NGN10 million (USD27.5 million) respectively. The proceeds were used to repay debt obligations.
Acting as the lead issuing house and bookrunner on the transaction, Stanbic IBTC executed a successful transaction in spite of challenging market conditions.
Stanbic IBTC led and coordinated extensive marketing efforts and was instrumental in securing willing investors within the price range. Exhibiting their superior distribution capabilities, Stanbic IBTC leveraged group relationships to ensure sizeable participation in the offer. 27.8% of the transaction was placed with Stanbic IBTC acting as a receiving bank as well as a trustee to the offer.
FMN is a leading Nigerian consumer goods company which was incorporated in 1960. Its core strength lies in its food business comprising flour milling, the production of pasta, noodles, semolina, wheat meal, garri and the processing of healthy edible oils and refined sugar.
FMN is part of the Flour Mills of Nigeria Group and has continued to pursue strategic business opportunities with a focus on capacity expansion, realignment towards its core business and backward integration. This focus will aid the company in mitigating its reliance on imports and exposure to external volatility while increasing local content in a substantive and sustainable way.
FMN remains Nigeria’s largest and oldest integrated food business, with a broad product portfolio and a robust pan-Nigerian distribution network. FMN has the largest food basket offering of any Nigerian FMCG company with over 28 consumer products.
Back to all deals