Stanbic IBTC Capital Limited has acted as the lead issuing house on Presco Plc’s issuance of an N82.89bn bond.

In a statement on Thursday, it was revealed that the seven-year 23.75 per cent senior unsecured fixed-rate Series I bond under the company’s N150n bond issuance programme is aimed at expanding its West African footprint.

Presco said proceeds from the transaction will enable it to fund its acquisition of a 100 per cent equity stake in Ghana Oil Palm Development Company.

Speaking on the transaction registration, Managing Director/Chief Executive Officer, Presco Plc, Mr. Reji George, said, “The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion. Aligned with our strategic objectives of increasing our planted area of palm oil and leading Africa in the fully integrated edible oil and fats business in the near future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company.

“This not only enhances our operational efficiencies; it also solidifies our market presence and competitive advantage in the palm oil sector beyond Nigeria. Most importantly, this will enable us to better serve our valued customers and deliver sustainable value to our shareholders. We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”

Also speaking on the transaction registration, Chief Executive, Stanbic IBTC Capital, Oladele Sotubo, said, “Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its N82.9bn Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.

“Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal.”

Presco is a fully integrated agro-industrial establishment with oil palm plantations, a palm oil mill, a palm kernel crushing plant, and a vegetable oil refining and fractionation plant.