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  • Business - Companies
  • Updated: April 22, 2021

Emzor Pharmaceuticals Issues Debut Bond Offering On NGX

Emzor Pharmaceuticals Issues Debut Bond Offering On NGX

The Nigerian Exchange Limited (NGX) has announced the listing of a N13.7 billion bond of Emzor Pharmaceuticals — the first of its kind in the history of the medical consumables manufacturer.

Emzor Pharmaceuticals Industry Limited was able to access the domestic debt capital markets for the first time and raised 5 years financing in local currency using a corporate bond by issuing a N13.73 billion 5-Year 10% Series 1 Senior Unsecured Fixed Rate Bond due 2026 under a N50 billion Debt Issuance Programme.

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This is the second bond listed on the Nigerian Exchange's bourse after its recent successful demutualisation as it continues to be the preferred listing destination for companies seeking to raise capital via corporate bonds, including private companies looking to raise public capital.

The exchange group explained in a report that at the time of its issuance on 20 January 2021, the bond saw solid interest from a diverse pool of institutional investors, and was priced at a coupon rate of 10.00% per annum. With this listing, members of the general public who invested in the bond can now sell their investments, while those who wish to invest can do so.

Speaking on the significance and success of the bond issuance, the Group Managing Director, Emzor Pharmaceuticals, Dr. Stella Okoli, said: “This first-time bond issuance is a fantastic achievement for Emzor and is in line with our commitment to facilitate unlimited wellness by delivering quality and affordable medicines for all. The capital raised will, therefore, drive and accelerate our expansion plans, delivering strong growth and margin improvement. We recognise the efforts of the investor community ensuring the success of this bond issuance and commit to upholding their confidence in us as we deliver on our long-term growth strategy.”

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According to her, Emzor Pharmaceutical has over the years become a household name and continues to establish its footprint as a leading manufacturer of high-quality pharmaceutical and medical consumables in Nigeria.

Facilitated by lead issuing house, Renaissance Securities (Nigeria) Limited, and joint issuing house, Afrinvest (West Africa) Limited, the debut offering is without a doubt, a testament to the company’s growth potentials, and the level of confidence placed on the brand by the investing community, she explained.

On its part, NGX Limited said it would continue to deliver on its commitment to provide a platform for issuers and investors to meet their investment objectives. It noted that just a week ago, BUA Cement’s debut listed a N115billion bond issue, the largest of many corporate debt issuances in the history of the Nigerian capital market.

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