Leading cement company Dangote Cement has disclosed the recent issuance of a N50 billion Series 1 fixed rate senior unsecured bond, part of its N300 billion multi-instrument issuance scheme.
The company disclosed this in a statement, noting that the bond received support from investment across sectors including asset managers, pension funds, deep-pocket investors, and insurance companies amid market volatility.
In the statement, Dangote Cement said that the raised bonds would be channeled into expansion projects, short-term debt refinancing, and working capital requirements.
It added that the issuance took on coupon rates of 11.25 percent, 12.50 percent, and 13.50 percent, with 3, 5, and 7 years tranches repectively.
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Dangote Cement’s Chief Executive Officer (CEO), Michel Pucheros, said, in the statement, “This bond issuance allows us to 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.”
Following the issuance, the bond would be listed on the Nigeria Exchange Limited (NGX) and the FMDQ Securities Exchange.
