19 SEPTEMBER 2011THIS DAY LIVE
Tower Aluminium Raises N4.6bn to Finance Operations
Edited by : AL CIRCLE
1 min read
Tower Aluminium Group has successfully raised N4.63 billion bond from the nation’s capital market under a N9 billion Medium Term Note(MTN) programme to finance its operations and enhance performance.
The fund was raised after the completion of a book building exercise spearheaded by Dunn Loren Merrifield (DLM) Limited, which acted as financial adviser, issuing house and lead book runner to the transaction.
The N9 billion MTN programme is undertaken by Tower Funding Plc- a captive finance vehicle for the Tower Aluminium Group.
Tower Group explained that the proceeds from the transaction would be used for the refinancing of maturing bank debt obligations utilised by the Group to build the multi-million-dollar aluminium factory at Otta in Ogun state.
The factory has been designed to convert scrap aluminium into new and usable aluminium hence reducing its reliance on imports and therefore significantly reduces cashflow vulnerability due to exchange rate fluctuations.
The fund was raised after the completion of a book building exercise spearheaded by Dunn Loren Merrifield (DLM) Limited, which acted as financial adviser, issuing house and lead book runner to the transaction.
The N9 billion MTN programme is undertaken by Tower Funding Plc- a captive finance vehicle for the Tower Aluminium Group.
Tower Group explained that the proceeds from the transaction would be used for the refinancing of maturing bank debt obligations utilised by the Group to build the multi-million-dollar aluminium factory at Otta in Ogun state.
The factory has been designed to convert scrap aluminium into new and usable aluminium hence reducing its reliance on imports and therefore significantly reduces cashflow vulnerability due to exchange rate fluctuations.
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