Business

Robust International Commodities redeems N4.026bn series 1 CP

ROBUST International Commodities Limited a leading agriculture commodity processing and trading company focused on high-margin agricultural commodities such as rice, cashew nuts, sesame seeds, gum arabic, ginger and grains, has announced the full repayment of its Series 1 Commercial Paper (CP) under its N20 billion Commercial Paper Programme.

The Company promptly fulfilled its obligation on the N4.026 billion Series 1 CP issued for 180 days, which matured on January 23, 2023, and informed FMDQ Exchange Limited of the payment in line with the rules of the Exchange.

Robust accessed the market for the first time last year, in a bid to diversify its funding structure and the proceeds from the issuance were utilised for the working capital requirement of the Company. The issuance was arranged by Coronation Merchant Bank and was subscribed to by a wide range of institutional investors.

Mr Vishanth Narayan, Executive Director of Robust, stated that “The repayment of our Series 1 issue at its maturity attests to the confidence reposed in the company and we would like to thank the investor community for supporting the transaction. Their trust represents a strong mark of confidence in our financial performance, business model and growth strategy. We would like to reaffirm our commitment to being a solid and reliable partner who can be relied on for the long term.”

Commenting on the transaction, Banjo Adegbohungbe MD/CEO of Coronation Merchant Bank stated that; “We are pleased to have successfully facilitated the Robust N4.026 billion Series 1 Commercial Paper. This issuance underscores the critical role of the Nigerian financial market in providing funding to the private sector for sustainable development. Coronation Merchant Bank remains committed to supporting Robust’s continued success.”

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