Prima Corporation Limited’s is offering N5billion Series 2 Commercial Paperfrom the companies N30billion Commercial paper programme to the investing public. The offer is now open and scheduled to close on Friday 4th March 2022, with funding date on Monday 7th March 2022. Prima Corporation Limited is the leading manufacturer of preforms and caps in Nigeria, focused on the beverage industry and supplying to both local and international brands. The Company was incorporated on 27 March 1974 after which it commenced operations on the 1st of October 2004 to manufacture and distribute preforms and caps to the water and beverage manufacturers.
PCL is the largest producer of Preforms and Caps in Nigeria. Aside Nigeria, the company also directly exports its products to Ghana, Cameroon, Chad, Niger and Liberia. This spread makes it the largest distributor of Preforms and Caps in West Africa. PCL is owned by Dellano Holdings Limited (99% ownership) and Jotna Nigeria Limited (1% ownership), its head office and factory are located in Lagos, Nigeria. The Company has a short term issuer rating of “A1” by DataPro which is supported by its stable earnings, strong business profile as well as its superior liquidity profile.
Here are the indicative terms of the proposed offer:
| Issuer: | Prima Corporation Limited |
| Series: | 2 |
| Tenor: | 182 days |
| Target Size: | Up to ₦5.0bn |
| Discount Rate (%): | 12.2086% |
| Implied Yield (%): | 13.0000% |
| Offer Open Date: | 25-Feb-22 |
| Offer Close Date: | 04-Mar-22 |
| Indicative Allocation Date: | 04-Mar-22 |
| Indicative Maturity Date: | 05-Sept-22 |
| Issuer Rating: | A1 (DataPro) |
| Minimum Subscription: | ₦5.0m |
| Use of Proceeds: | To fund short-term working capital requirements |
