Dangote Cement Plc has issued a fixed-rate bond to investors worth N50 billion.
The company yesterday announced the successful issuance of N50 billion Series 1 Fixed Rate Senior Unsecured Bonds.
According to the report, recorded participation from a wide range of investors including domestic pension funds, asset managers, insurance companies and high net-worth investors.
Dangote PLC intends to deploy proceeds of the bond issuance for the company’s expansion projects, short-term debt refinancing and working capital requirements.
The bonds were issued on May 26, 2021 at coupon rates of 11.25 per cent, 12.50 per cent and 13.50 per cent for the three, five and seven-year tranches respectively.
Chief Executive Officer, Dangote Cement Plc, Michel Puchercos said the ability to issue green bonds and Sukuk will enable the company leverage the depth and breadth of the Nigerian market.
“This bond issuance allows us move a step further in achieving our expansion objectives and will be deployed to projects instrumental in supporting our export strategy while improving our cost competitiveness. We thank the investor community for their continued support in the management of Dangote Cement and their successful participation in the bond issuance,” Puchercos said.
The Bonds which is expected to be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange, according the Company has Absa Capital Markets Nigeria acting as Lead Issuing House for the Series 1 Bonds.
