Dangote Industries Limited (DIL) has opened an application list to raise N300 billion in medium-term debt funding from the Nigerian capital market.
The money is to fund the Dangote Petroleum Refinery being built in Lagos and is due for completion in the first quarter of next year.
Dangote Industries is offering two tranches of bonds to raise N150 billion, with a provision to scale up to the full size of its N300 billion registered bond issuance program.
The book building- a register for prospective investors- for the N300 billion bond issuance is scheduled to close Thursday.
Dangote is offering a seven-year, fixed-rate senior unsecured bond with a pricing range of between 12.25 percent and 12.75 percent, maturing in 2029.
It is also offering simultaneously a 10-year fixed rate senior unsecured bond with a pricing range of 13.00 percent and 13.50 percent and a maturity date of 2032. The coupon for the bond will be paid on a semi-annual basis.
The minimum subscription to the offer is 10,000 units at N1,000 per unit, representing a minimum subscription value of N10 million and thereafter in multiples of N1,000.
