Dangote Cement Plc says it has successfully issued N50 billion series 1 fixed rate senior unsecured bounds, under its new N300 billion multi-instrument issuance programme.
The cement company disclosed in a statement that the bonds were issued on May 26, 2021 at coupon rates of 11.25 per cent, 12.50 percent and 13.50 per cent for the three, five and seven-year tranches respectively.
It said the bonds would be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange and that the proceeds of the bond issuance would be deployed for the company’s expansion projects, short-term debt refinancing and working capital requirements.
“Aside from this first issuance of a traditional bond under the new Multi-Instruments Programme, Dangote Cement has registered a programme enabling it to consider different types of fixed income instruments to cater for different type of investors,” the statement reads.
“The ability to issue Green Bonds and Sukuk will enable the company leverage the depth and breadth of the Nigerian market.”
Speaking on the bond issuance, Michel Puchercos, chief executive Officer of Dangote Cement Plc, said: “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.”
