Company Background:

Emzor Pharmaceutical Industries Limited is a private indigenous pharmaceutical manufacturing group founded in 1984 by Dr. Stella C.Okoli, OON. The company manufactures high-quality pharmaceutical products and medical consumables.

From the modest beginning with four (4) products in 1987, the company now manufactures a wide range of products in the analgesic, anti-malaria, vitamin/haematinics/multivitamin supplement, anti-helmintic, antibiotics and therapeutic categories. The company has in its stable more than 120 different products.

Description of Transaction Structure:

The Issuer is a special purpose vehicle set up to finance the Sponsor’s Emzor Pharmaceutical Industries Limited) funding requirements, by issuing Bonds to the general public. Proceeds of such issuance will be used by the Issuer to finance the purchase of notes and other debt securities issued by the Sponsor to the Issuer as may be agreed from time to time in accordance with the terms of the Master Notes Purchase Agreement (the “MNPA”) between the Issuer, the Sponsor and the Trustee/Agent dated on or around the date of this Shelf Prospectus.

Utilisation of the Issue Proceeds:

Proceeds of the Bonds under the Programme will be used to purchase the Notes issued by the Sponsor pursuant to the MNPA, while the Sponsor will apply the net proceeds for general purposes or as specifically stated in the Final Terms of the Notes.

 Transaction Details:

Emzor Pharmaceuticals Industry Limited was able to access the domestic debt capital markets for the first time and raised 5 years financing in local currency using a corporate bond by issuing a NGN13.73 billion 5-Year 10% Series 1 Senior Unsecured Fixed Rate Bond due 2026 under a NGN50 billion Debt Issuance Programme. The N13.73 Billion Series 1 Unsecured Bonds was accorded ‘A-’ credit rating by Global Credit Rating Co. The bond instrument will be exclusively listed on the NGX Ltd platform.