Sundry Foods issues US$23.7m Commercial Paper to support its short-term financing needs

NIGERIA – Sundry Foods Limited (SFL), an integrated food service company in Nigeria has registered its N10 billion (US$23.7m) Commercial Paper (CP) Issuance at the FMDQ Securities Exchange Limited.

Sundry Foods Limited (the Issuer) is one of Nigeria’s leading food services companies, operating in the quick service restaurant, bakery, and catering segments.

The Company has over one hundred and thirty (130) branches across Nigeria with a variety of franchises that include Kilimanjaro, Pizza Jungle, Nibbles Creamery, Nibbles Bakery, Kiligrill, and Sundry Foods Services.

Speaking on the successful CP Programme registration, the Managing Director, Sundry Foods Limited, Mr. Ebele Enunwa stated, “We remain committed to harnessing the full potential of Sundry Foods Limited and creating superior value to all our stakeholders.

“This is evident in the growth we have experienced in the past year, which has been as a result of visionary leadership and a defined growth strategy. We look forward to engaging market participants under this N10.00 billion CP Programme.”

The successful registration of this CP Programme, which is sponsored by CardinalStone Partners Limited (the Lead Sponsor), SCM Capital Limited and Stanbic IBTC Capital Limited, all Registration Member (Quotations) of the Exchange, strategically positions the Issuer to raise short-term finance from the Nigerian debt markets.

This will be done at specific times during the CP Programme’s validity, deemed strategically viable through CP issuances, within the CP Programme limit.

Managing Director, CardinalStone Partners Limited, Mr. Michael Nzewi, stated, “CardinalStone Partners Limited is pleased to have spearheaded the registration of the debut CP Programme for Sundry Foods Limited.

“We believe our role in assisting Sundry Foods Limited with raising capital will actualise its strategic growth objectives by providing opportunities to access a wider universe of market participants.”

Equally, the Chief Executive, Stanbic IBTC Capital Limited, Mr. Funso Akere, stated that, “Stanbic IBTC Capital is delighted to have acted as the co-Arranger to the establishment of Sundry Foods Limited’s N10.00 billion CP Issuance Programme.

“The CP Programme will enable Sundry Foods Limited issue commercial papers to diversify its funding sources in order to facilitate business growth and optimise its funding costs by accessing short-term funding at relatively competitive interest rates from institutional investors.”

The funding is timely as the food service operator has been expanding its reach in the country in the recent months.

In April, the company opened five new outlets in the country, spread across Lagos, Abuja and Port Harcourt under its Kilimanjaro, Pizza Jungle and Kiligrill brands.

With the five new outlets, Sundry Foods now operates 142 foodservice outlets across the country and plans to expand its footprints in major cities in the 36 states of the country, in fulfilment of its promise of bring quality products and services closer to its customers.

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