Sunbeth Global Concepts Limited said it would raise up to 150 billion naira through commercial paper to finance cocoa procurement for the 2026/27 season. The issuance sits within the company's approved 500 billion naira Commercial Paper Issuance Programme.
The proceeds will support working capital for cocoa purchases and stock for a 70,000-metric-tonne-per-annum processing facility due to start operations in March 2027. The timing aligns with the new cocoa season and the company's international trading commitments.
Sunbeth has already secured approval for its overall commercial paper programme and demonstrated discipline by redeeming its first issuance on time. The proposed issuance will come in three series with tenors of 180, 270 and 364 days, with each tranche timed to match cocoa procurement needs and market conditions.
The company holds credit ratings from African rating agencies ranging from BBB to BBB+ for long-term debt and A2 for short-term debt. Chapel Hill Denham Advisory Limited is leading the transaction.