Guinness Nigeria Secures $95m Loan from Diageo

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Guinness Nigeria said on Wednesday that its parent company, Diageo had given it a $95million term loan to support its dollar needs through foreign currency shortages caused by the West African country’s floating of the naira.

The company’s Chief finance officer, Ronald Plumridge, told Reuters that Guinness Nigeria’s currency needs were much bigger than it can source locally and from exports and so Diageo had stepped in with the loan.

The loan was priced at three month LIBOR plus 4.75 percent, he said.