Flour Mill Nigeria Plc’s series 8, 9 and 10 commercial paper has been declared open for subscription.

The subscription which is due to close on Friday, January 13, 2017, seeks to raise up to N15 billion across tenors.

The programme is in three tenors. The first of 92 days has a Discount rate of 14.92 percent and an implied yield of 15.50 percent, the second of 120 days has a discount rate of 16.10 percent and an implied yield of 17 percent while the third of 183 days has a discount rate of 18.59 percent and an implied yield of 20.50 percent.

According to the company the payment date has been scheduled for 16 January 2017, and the proceeds of the deal will be used for working capital financing, while tax considerations are free and clear of withholding taxes.

The total programme size is N100 billion, with FBN Merchant Bank Limited as the arranger.

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