Sunbeth Global Concepts Limited plans to raise up to N150 billion through commercial paper to finance cocoa purchases for the 2026/27 season, as the agricultural commodities trader prepares to supply its export markets and a new processing plant scheduled to begin operations next year.
The proposed issuance will be made under the company’s approved N500 billion commercial paper programme, with proceeds expected to cover short-term working capital needs for purchasing cocoa at origin and building inventory for export and processing.
The company’s 70,000-metric-tonne-per-annum processing facility is scheduled to commence operations in March 2027, according to a statement by Sunbeth on Tuesday.
The planned fundraising comes as cocoa traders require working capital to secure supplies during the new season, while processors need reliable access to raw materials to meet production and delivery commitments.
Sunbeth said the commercial paper would be issued in three series with maturities of 180, 270 and 364 days. The notes will be issued in tranches, with their size and timing determined by cocoa procurement requirements and prevailing market conditions.
The company said it had redeemed its debut commercial paper series on time, demonstrating its repayment record as it seeks to access the domestic debt market to finance its operations.
Sunbeth has secured four investment-grade credit ratings from Agusto and Co, Intelligence Africa, DataPro and GCR, according to the statement.
The ratings agencies assigned the company short-term ratings of A2, while its long-term ratings range from BBB to A+, depending on the agency and rating scale.
Chapel Hill Denham Advisory Limited is acting as lead arranger for the transaction. Further details of the individual series are expected to be announced later.
Sunbeth trades and processes agricultural commodities, including cocoa, cashew, sesame and soybeans, with operations spanning sourcing, aggregation, processing and international trade.
The planned processing facility would expand its activities beyond commodity trading and exports into domestic processing, although the company has not disclosed the expected investment cost of the plant or its projected revenue contribution.