Dangote Industries Ltd (DIL) has announced the successful completion of the company’s N187.6 billion series 1 bond issuance.
The bond is the largest corporate bond ever issued in the history of the Nigerian capital market.
The company made the disclosure in a statement signed by Mr Francis Awowole-Browne, Media and Communication Personnel, DIL, on Tuesday in Lagos.
The landmark transaction comprises a seven- year Tranche-A bond issued at 12.75 per cent and a 10-year Tranche-B bond issued at 13.50 per cent, under the newly established N300 billion debt issuance programme.
It said that the bond issuance was well received by the capital market with wide participation from investors including domestic pension funds, asset managers, insurance companies and high net-worth investors.
It added that the company planned to utilise the net proceeds from the Series 1 bond issuance to part-finance the Dangote Petroleum Refinery Project, an integrated petrochemical complex, and the largest single train petroleum refinery in the world.
Commenting on the significance of the transaction, Mr Olakunle Alake, the Group Managing Director, DIL, expressed delight at the company’s ability to successfully conduct the transaction.
