A recent bond issuance by Presco Plc, led by Stanbic IBTC Capital Limited, has successfully raised N82.89bn. The seven-year 23.75% senior unsecured fixed-rate Series I bond, part of a larger N150bn bond issuance program, aims to support the company’s expansion in West Africa.
The funds raised from the bond will facilitate Presco’s acquisition of a 100% equity stake in Ghana Oil Palm Development Company. Managing Director/CEO of Presco Plc, Mr. Reji George, expressed optimism about the company’s growth and expansion prospects with the completion of this bond issuance.
Stanbic IBTC Capital, in its role as the lead advisor, commended the success of the transaction, highlighting the significance of this bond issuance in the Nigerian market. This landmark deal not only benefits Presco’s strategic objectives but also promotes diversification in funding within the agricultural sector.
Presco is known for its fully integrated agro-industrial operations, including oil palm plantations, a palm oil mill, a palm kernel crushing plant, and a vegetable oil refining and fractionation plant.