Johnvents targets N80 billion debt raise to buy cocoa as harvest season begins
Johnvents Industries Limited is seeking to raise up to N80 billion through a commercial paper issuance to fund working capital requirements, including bulk purchases of cocoa as the main crop season begins. The post Johnvents targets N80 billion debt raise to buy cocoa as harvest season begins appeared first on Nairametrics .
Johnvents Industries Limited, a Nigerian agribusiness company, is seeking to raise up to N80 billion through a commercial paper issuance to fund its working capital requirements, including bulk purchases of cocoa as the main crop season begins. The transaction, advised by CardinalStone Partners Limited, will be issued as Series 1 Tranche A and B under the company's N250 billion Commercial Paper Issuance Programme.
The proceeds will primarily be used to meet working capital needs, particularly the purchase of cocoa in bulk, as Johnvents prepares for the main cocoa harvest season. The planned capital raise comes amid a volatile year for global cocoa prices, with ICE cocoa futures trading around $5,800 per metric tonne in early October.
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