September 1, 2025/FSDH Capital
FSDH Capital Limited is pleased to inform you of the launch of Dangote Sugar Refinery PLC’s (“DSR” or the “Company” or the “Issuer”) Series 13 & 14 Commercial Paper offer of up to ₦50 billion under its ₦300bn Commercial Paper Issuance Programme (the “Offer”). The Offer is Now Open and scheduled to close on Wednesday, 03 September 2025.
The Company is a subsidiary of Dangote Industries Limited and is engaged in the refining, distributing, and marketing of granulated sugar to wholesalers and top players in the skin care, food and beverage, and pharmaceutical industries. DSR is Sub-Saharan Africa’s largest sugar refinery, with a combined installed refining capacity of 1.49 MMT per annum. In the medium term, the Company is targeting additional 1.5MMT of refined sugar from locally grown sugarcane and is on track to becoming a leading global integrated sugar producer with its backward integration plan.
Please see below indicative terms of the Offer:
Issuer | Dangote Sugar Refinery PLC | |
IPA | FSDH Capital Limited | |
Programme Size | ₦300 billion | |
Target Size | Up to ₦50 billion | |
Series | 13 | 14 |
Tenor | 180-days | 265-days |
Discount Rate | 20.6570% | 21.1594% |
Implied Yield | 23.0000% | 25.0000% |
Offer Opens | Monday, 01 September 2025 | |
Offer Closes | Wednesday, 03 September 2025 | |
Funding Date | Thursday, 04 September 2025 | |
Maturity Date | Tuesday, 03 March 2026 | Wednesday, 27 May 2026 |
Issuer Rating | A- (DataPro); Bbb+ (Agusto & Co) | |
Use of Proceeds | The net proceeds will be used for working capital purposes | |
Minimum Subscription | ₦10,000,000 and ₦1,000 thereafter | |
Target Investors | Strictly to Qualified Institutional Investors and High Net worth Individuals (HNIs) as defined by Rule 321 (as amended) of the Securities & Exchange Commission Rules & Regulations | |
Tax Consideration | Applicable Taxes shall apply on the instrument except otherwise exempt | |
For more information, please refer to the documents listed below, which can be accessed through this link for your appraisal of the Offer:
- Programme Memorandum
- Series 13 & 14 Pricing Supplement
- Series 13 & 14 Commitment Form
- Ratings reports
- PenCom Certificate
- Audited Financial Statements (2022 – 2024)
- H1 2025 Interim Financial Statement
- HNI Declaration
