Sunbeth Global Concepts Announces N150bn Commercial Paper Issuance

Sunbeth Global Concepts Limited has announced plans to raise up to N150 billion under its approved N500 billion Commercial Paper Issuance Programme to finance cocoa procurement for the new 2026/27 cocoa season.

The proceeds will fund short-term working capital requirements for cocoa purchases at origin, supporting the company’s international trading commitments and the procurement of cocoa inventory for its 70,000-metric-tonne-per-annum processing facility, scheduled to commence operations in March 2027.

With the new cocoa season underway, the proposed issuance will support timely purchases and the availability of inventory for export and processing requirements.

Sunbeth has secured approval for its N500 billion Commercial Paper Issuance Programme, providing a framework for accessing the domestic debt capital market to support its working capital requirements. The company has also demonstrated repayment discipline through the timely redemption of its debut Commercial Paper series.

The proposed issuance will comprise three series with tenors of 180, 270 and 364 days. The Commercial Paper will be issued in tranches, with the timing and size of each tranche aligned with cocoa procurement requirements and prevailing market conditions.

Sunbeth, in a statement, said it would maintain national-scale credit ratings from established African rating agencies, with long-term ratings ranging from BBB to BBB+ and a short-term rating of A2. Chapel Hill Denham Advisory Limited is acting as Lead Arranger for the transaction.