Emzor Pharmaceutical Industries has raised a $19.8 million (N26.7 billion) Series 1 Fixed Rate Bond on the FMDQ Group Exchange.
The move is to strengthen its local pharmaceutical manufacturing and complete West Africa’s first full-scale anti-malarial Active Pharmaceutical Ingredient (API) manufacturing facility.
The bond, issued through Emzor’s special purpose vehicle, Emzor Pharma Funding SPV Plc, carries a 19 percent coupon over a five-year tenor.
The bond forms part of the company’s broader N40 billion ($29.6 million) bond issuance programme and represents Emzor’s second domestic bond, following strong investor demand that resulted in the issue being oversubscribed.
The funds are expected to support working capital, expand manufacturing capacity and accelerate the completion of the API facility.
