Dangote Cement issues N50bn bond
Dangote Cement Plc announced the successful issuance of N50 billion Series 1 senior unsecured fixed-rate bonds as part of its new N300 billion multi-instrument issuance programme.
Mr Michel Puchercos, Managing Director, Dangote Cement, revealed this in a statement on Wednesday in Lagos.
Puchercos said the bonds were issued on May 26 at coupon rates of 11.25%, 12.50% and 13.50% for the 3, 5 and 7-year tranches, respectively.
He said the bond issue was well received and had the participation of a wide range of investors, despite the headwinds of the market.
Puchercos added that the proceeds from the bond would be used for the company’s expansion plans, short-term debt refinancing and working capital needs.
“In addition to this first issue of a traditional bond under the new multi-instrument program, Dangote Cement has registered a program allowing it to consider different types of fixed income instruments to meet different types of investors,” said he declared.
Puchercos explained that the ability to issue green bonds and sukuks would allow the company to take advantage of the depth and breadth of the Nigerian market.
“This bond issue allows us to go further in achieving our expansion objectives and will be deployed in decisive projects to support our export strategy while improving our cost competitiveness.
“We thank the investment community for their continued support in the management of Dangote Cement and their successful participation in the bond issue,” said Puchercos.
He added that the bonds would be listed on the Nigerian Exchange Ltd and the FMDQ Securities Exchange.
He said the issuing houses involved in the transaction were Absa Capital Markets Nigeria, Stanbic IBTC Capital, Standard Chartered Capital and Advisory Nigeria Ltd, United Capital, FBN Quest Merchant Bank, and FCMB Capital Markets others. (NAA)RELATED TOPICS:BONDDANGOTE CEMENTFEATUREDINSTRUMENTINVESTORSSERIES 1 SENIORUP NEXTBank MD helped a former minister to launder $37m, says EFCC bossDON’T MISSConstruction industry key to actualising new Nigeria – CSOCLICK TO COMMENT
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