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Guinness Nigeria gets $95 mln Diageo loan due to currency shortage

Reuters - UK Focus

LAGOS, Sept 21 (Reuters) - Guinness Nigeria said on Wednesday that is parent Diageo (LSE: DGE.L - news) had given it a $95 million term loan to support its dollar needs through foreign currency shortages caused by the West African (Stuttgart: W25.SG - news) country's floating of the naira.

Chief (Taiwan OTC: 3345.TWO - news) finance officer Ronald Plumridge said the company'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 3 month Libor plus 4.75 percent, he said. (Reporting by Chijioke Ohuocha; Editing by Alexander Smith)